Lloyds Bank unveils first-time buyer savings across major UK cities | Personal Finance | Finance
Lloyds Bank has unveiled the average amount first-time buyers have saved to buy homes across the UK’s major cities. It comes as new research from the banking giant indicates that nine in 10 (94%) Gen Zers dream of owning their own property.
Confidence in making this happen is low, as more than a quarter (29%) genuinely believe they’re more likely to win the lottery than buy their first home. A further fifth (21%) think they’ll become TikTok‑famous, or even see Jeremy Clarkson become Prime Minister (13%), over officially becoming a homeowner. Of the biggest barriers for first-time buyers, saving for a deposit tops the list (22%). However, four in 10 (40%) also confessed to not fully understanding the steps involved in the buying process, with an example being key mortgage terms like Loan-to-Value (the amount of money borrowed as a percentage of the property’s value), which stumps 81%.
With an average of £11,095 already saved for a deposit in the UK, 37% are taking on a side hustle or cutting back on takeaways (34%) to boost their funds to get closer to homeownership.
According to Lloyds Bank data shared exclusively with Express.co.uk, here’s how much Gen Zers currently have reportedly stashed away in the bank on average across major UK cities.
- Edinburgh: £9,296
- Glasgow: £8,044 saved
- Belfast: £5,239 saved
- Cardiff: £12,553 saved
- Bristol: £9,546 saved
- Birmingham: £14,340 saved
- Liverpool: £12,240 saved
- Manchester: £11,797 saved
- Newcastle: £8,361 saved
- Leeds: £8,967 saved
- London: £14,819 saved
However, the gap between savings and what’s required can still be significant – particularly in the capital. Data from Lloyds Bank suggests the average deposit needed in London is around £118,990.
With 65% of Gen Z discussing their homebuying plans over dinner, Lloyds has partnered with award-winning restaurant group Six by Nico to help turn aspiration into action and launch the UK’s first home-buying tasting menu.
The limited-edition six-course dining experience brings the homebuying journey to life through food, from the excitement of dreaming about what the home will look like, to the moment people finally get their keys , giving diners a first glimpse at how to navigate the process with confidence.
The menu will be available for one day only at public dining experiences in Manchester, Leeds and Birmingham
Each event is free to attend for aspiring homeowners via online sign-up here.
Kate Townson, mortgage director at Lloyds: “Buying your first home is a milestone that often comes with uncertainty, and many people tell us they’re unsure where to start.
“We see these challenges every day and we’re here to help make sense of the process from the moment they begin thinking about what’s possible. By partnering with Six by Nico, we’re opening the conversation in a more approachable way, making the journey feel less intimidating for first-time buyers.”
Nico Simeone, Six by Nico founder, said: “Six by Nico has always been about telling stories through food. This exclusive menu transforms the emotional milestones of buying a home into a six-course dining experience that will give aspiring homeowners food for thought. This is something truly unique for diners that we hope will turn house-buying aspirations into action.”
