Emoov urges FTBs to rethink deposit size before buying a home
Emoov found buyers often assume 20% is the minimum needed, although low-deposit mortgages are widely available.
Emoov has urged first-time buyers (FTBs) to reconsider how much they need to save for a deposit, as analysis showed many are delaying their purchase due to the belief that a 20% deposit is required.
HM Land Registry put the average UK house price at £267,957 in February 2026.
A 20% deposit on the average home is £53,591, while a 5% deposit is £13,398, according to data.
For London, the typical price is around £500,000, meaning a 20% deposit would be £100,000, compared with £25,000 for a 5% deposit.
Emoov found buyers often assume 20% is the minimum needed, although low-deposit mortgages are widely available.
Recent data showed homes are taking longer to sell, giving buyers more time to consider their options.
Nick Neale, property expert at Emoov, said: “Too many first-time buyers still believe they need a 20% deposit to buy a home, which on the average UK property means saving more than £53,000 upfront.
“It is no surprise that many feel priced out before they have properly explored their options.
“Although prices remain high, homes are not moving at the same frantic pace seen during previous peak periods.”
Neale added: “Buyers may have more time to research their options and should not rule themselves out because of outdated assumptions around deposits.
“This picture is especially stark in London, where high prices make the idea of a 20% deposit feel completely out of reach for many would be first-time buyers.
“A bigger deposit can certainly help secure better rates, but buyers should not confuse that with the idea that 20% is always the minimum required.”
He said: “The smartest move is to get advice early, understand the deposit options available, and budget for the wider costs of buying a home, not just the deposit.”
Neale stated that buyers should not assume a huge deposit is needed, and advised getting a mortgage agreement in principle to understand what can be borrowed.
He said buyers should look beyond the headline interest rate and consider fees and repayments.
He also highlighted the importance of keeping money aside for extra costs such as solicitor fees, surveys, removals and insurance.
Neale said: “A bigger deposit can help secure better mortgage rates, but buyers should not confuse that with the idea that 20% is the minimum needed to buy a home.
“The smartest move is to get advice early, explore the mortgage options available, and budget for the wider costs of buying a property, not just the upfront deposit.
“While lower-deposit mortgages can help buyers get onto the ladder sooner, affordability checks and monthly repayments still need careful consideration.”
Related
64% of FTBs rely on side hustles to save for home deposits – Mojo Mortgages
54% of parents return rent to help children save for deposit – Nationwide
Average FTB deposit nears £70,000, L&C Mortgages finds
Seven in 10 FTBs frustrated by home buying process – Skipton BS
Government unveils 2.5% deposit scheme for first-time buyers
Your First Home scheme could leave FTBs unable to sell, property expert warns
Student loan costs hinder homebuying for 1.5 million young people, OneFamily finds
Own Homes calls for Government and private sector collaboration to help renters raise deposits
Homebuying process overtakes deposit as biggest FTB concern – Tembo
Low deposit mortgage lending up 38% in the past year, data finds
More than a third of FTBs do not recall receiving protection advice, data finds
