First-timers need big deposits to make buying worthwhile



House price falls have made it cheaper for first-time buyers with deposits of upwards of £25,000 to buy a home than rent one on most parts of the UK. According to research by Abbey National, London and East Anglia are the only regions where renting is cheaper than buying for people with a 25 per cent deposit. The North offers the biggest savings to buyers, followed by Wales. However, with a 15 per cent deposit, renting a home is cheaper than buying one throughout all regions of the UK.