Average property purchase deposits reached a 14 month high in December, with much of the boost down to the government's radical overhaul of stamp duty.
Data from the Mortgage Advice Bureau shows that the typical mortgage applicant's deposit in last month was worth a hefty 30.7 per cent of the purchase price. This is the highest level of deposit recorded since October 2013 when the average was 30.9 per cent - and in that month, the Help To Buy mortgage guarantee had been launched.
Since then, stricter loan criteria under the Mortgage Market Review rules have reversed the trend, but the government's stamp duty changes announced early last month changed all that.
December's average purchase price of £231,487 would only qualify for a £185.13 stamp duty reduction under the new system. But anyone buying a house worth £250,001 paid £4,999.98 less since December 4 compared with the old slab' system.
Average deposits in December were three per cent higher than in November at £71,078.
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