Buying your own home is likely to be the biggest financial decision you ever make in your life. Of course, it’s not cheap, and saving up for a deposit on your dream home can take a long time.
We wanted to find out how long it takes to save up for a house deposit across the UK, so we took a look at the average house prices compared to salaries in the biggest UK cities to find out where is the easiest location to save up and get on the property ladder.
We looked at 50 of the biggest cities across the UK and compared the average house prices with the average salary for each of these locations. The cities below are where you should be living if you want to be able to save a deposit fast. This is how long it would take to save for a 10% deposit if you saved 10% of the average salary:
If you live in these cities, it’s going to take considerably longer to save up for your deposit. This is how long it would take to save for a 10% deposit if you saved 10% of the average salary:
You might have noticed a pretty clear north/south divide between the places where it’s easiest and hardest to save for a house deposit. We investigated further to discover the regions where you can save for a deposit fast and where you’ll have to significantly increase your timeframe. This is how long it would take to save for a 10% deposit if you saved 10% of the average salary.
We used the ONS list of UK cities to give us our list of 50 of the most populated cities in the UK. For each of these cities, we were then able to use Rightmove to find the average property prices, then taking a percentage of these prices to find the average deposit costs.
The average annual salary was taken from ONS data for each city. With these figures, we were then able to calculate how long it would take to accumulate the required funds for a deposit based on saving 10% of the average salary.