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Average mortgage deposit rockets

Property surveys are showing an increasing polarisation between north and south, with mortgage deposits reaching eye-poppingly high levels.

Data shows that while property values in the north are falling, in the south they are once more on the rise.

The average deposit put down this March was £54,923, a figure that excludes London. Robert Bartlett, head of Chesterton Humberts, told Money Mail: 'The increasing disparity between property at the top and bottom ends of the market reflects the divide between property prices in London and the South East and the rest of the country.

'Until the effects of economic recovery filter further out into the country, we will continue to suffer from the effects of this stagnant, disparate market.'

With the average deposit outside London a whopping £54,923, it shows how you need to be cash or equity rich to buy property at the moment. It also shows how lenders have created a two-tier mortgage system. If you can put down a deposit of 40% your mortgage rates will be great, but anything less than 25% and you’ll be stumped with paying higher rates.

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