First-time buyers are spending 111 per cent of their annual income on a deposit and first year mortgage payments, Citigroup has estimated. Average deposits have risen to 24 per cent – the largest ever amount – meaning that first-time buyers need to put down around £30,000 to buy a property worth £128,000. Citigroup calculated that the deposit required has increased from 105 per cent of income in January and 61 per cent a year ago.
