First-time buyers need £31k deposit

An average deposit stood at £12,700 at the start of 2007, but rose to £31,500 by the second half of 2010. The CML was speaking at an emergency housing summit yesterday designed to provide the first step towards solving the first-time buyer funding crisis. Called by Housing Minister Grant Shapps (pictured), the summit was attended by a range of industry representatives, including people from the Building Societies Association, the Home Builders Federation, housing charity Shelter, the Financial Services Authority and local councils. Michael Coogan, director general of the CML, said ...