First-time buyers will need a mammoth £102,000 deposit to buy a house

Labour's analysis of government figures has revealed that soaring interest rates will now likely require three times the £30,000 figure that the people had to save just a year ago

That's three times the typical deposit level needed just a year ago (

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First-time buyers will need a £102,000 deposit to keep mortgage payments the same as a year ago, research finds.

Labour's analysis of government figures has revealed that soaring interest rates will now likely require three times the £30,000 figure people needed to save just a year ago. Interest rates rose for the 13th consecutive time last month, to 5% - the highest level since 2008. The Bank of England is expected to raise rates again on August 3.

Labour has criticized the Tories for not building enough houses in their 13 years in office. And they called for government protections for mortgage holders struggling with their monthly payments to be made mandatory for all lenders.

The party has pledged to ensure that mortgage regulators force all lenders to put in place measures such as allowing borrowers to temporarily switch to interest-only payments or extending the term of their loan mortgage. The government's plans have been agreed directly with the biggest mortgage lenders, which means that 25%, or 2 million households, could miss out on the protections.

"People across Britain are being hit hard by a Tory mortgage bombshell," said Shadow Chancellor Rachel Reeves. "Unlike this government, Labor will not sit idly by as millions face a mortgage disaster in Downing Street.

"They haven't just made life much more expensive for mortgage holders and renters - now their continued failure to build more homes means the hopes and dreams of so many are being shattered. "

The average house price among first-time home buyers in the UK is £253,000, according to the latest figures from the Office for National Statistics. A year ago, the typical deposit for first-time buyers was £30,000, meaning they were borrowing an average of £223,000.

REGION 88% DEPOSIT 1 YEAR AGO MONTHLY PAYMENTS AT 88% 1 YEAR AGO

DEPOSIT THIS YEAR REQUIRED FOR SAME PAYMENTS

Northeast £17,431 £591 £59,300 North West £22,292 £756 £75,700 Yorkshire and the Humber £20,632 £700 £70,000 East Midlands £24,071 £816 £81,800 West Midlands £24,664 £836 £83,900 east of england £35,099 £1,190 £119,300 London £52,648 £1,785 £178,900 South East £36,759 £1,247 £124,800...