People aspiring to get on the property ladder across
England and Wales could find themselves needing more than £23,000 for a deposit
and moving costs, according to Office for National Statistics (ONS) data. The
ONS has placed a new affordability calculator on its website, which allows
would-be home-buyers to see what level of household income they might expect to
need to get a mortgage on an "entry-level" property in their neighbourhood.
The ONS said that with the average cost of an entry-level home in England and
Wales being £140,000, prospective buyers could require £300 stamp duty, an
estimated £2,000 for legal and moving costs and £21,000 for a 15% deposit,
coming to £23,300 in total. Read more on the Belfast Telegraph website.
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