> Compare to London, where the average deposit needed to buy a first home is £91,000 ($130,000) -- 25% of total price The deposit required is more like 5-10%.

> Compare to London, where the average deposit needed to buy a first home is £91,000 ($130,000) -- 25% of total price The deposit required is more like 5-10%. I think a 25% deposit is pretty rare for a first time buyer. Of course this still means you need the income to afford the huge mortgage. Are you getting confused with the average deposit used by purchasers?