Homebuyers need to find a deposit of nearly £26,500 to buy a home in England and Wales but, depending on where they are looking to buy, the deposit can be as much as five times larger than elsewhere, according to new analysis published by Castle Trust.

The housing investment and shared equity mortgage provider’s analysis of the top 30 cities and regions in England and Wales shows the average deposit needed to put down 20% of the purchase price is £26,468 – but it can be as high as £72,760 or as low as £14,470.

Homebuyers in London need an average of £72,760 in savings or equity to secure a 20% deposit – and the average deposit there is almost double the second most expensive area to buy, with deposits in Reading at £39,789.

In Blackburn, the deposit is a fifth of the London average at £14,470 and more than £1,200 lower than Blackpool, the next most affordable at £15,707.

Castle Trust is advising homebuyers – and parents or family who may be helping children on to the housing ladder – to consider all their options when raising deposits.

Sean Oldfield, CEO of Castle Trust, said: “Parents and grandparents are being called on more and more to help children with their first deposit and the proportion of the population owning their own home without family help is likely to continue to fall.

“Aspiring homeowners need alternatives to borrowing from family which is why the Government has launched a range of initiatives including NewBuy and FirstBuy.

“However, private companies need to play a role as well in offering innovative and affordable ways to help those who want to buy homes and Castle Trust is determined to play its part with housing investment and shared equity products.”

The cities and areas requiring the lowest and highest deposits for homebuyers are as follows:

Lowest deposits                                                Highest deposits