A new study of 130 locations across the UK reveals huge ‘postcode lottery’ differences as to how quickly a first time buyer could save for a deposit for a detached house .
Housebuilder Cala Homes looked at the median weekly salary in over 130 UK towns and cities and worked out how long it would take a single person to save for a 10 per cent deposit for the median house price in the same area. The data was based on a person saving 10 per cent of their salary, to account for bills, rising costs and other outgoings.
The data showed that those in Scotland have to save for the least amount of time, with the top five locations for the quickest deposit time being north of the border. Aberdeen took the top spot, with a median detached house price of just £79,720 and a median weekly wage of £621.30, it would take a single person just 2.5 years on their own to save for a 10 per cent deposit.
Dundee came in second with it taking 4.8 years and Edinburgh in close third taking residents 4.9 years to save 10 per cent of the £163,920 median detached house price.
UK locations outside of Scotland that appeared in the top 10 included Belfast, which would take 5.2 years to save, Hartlepool which would be 7.9 years and Doncaster taking 8.4 years.
However, the location with the longest time to save for a deposit was - unsurprisingly - London.
Despite having a median salary of £747.40 per week, it would take one person a jaw dropping 37.5 years to save for the 10 per cent deposit for a median detached house price of £1.49m. Unsurprisingly, few in the capital even attempt to get a detached property first time round.
In second and third place on the list of most expensive, and therefore are the slowest places to save for, due to their proximity to and excellent transport links to London, are Watford and Woking. It would take 26.6 years and 23.9 years to save respectively.
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment