New data has revealed the best places in the UK to live if you’re looking to save a house deposit quickly.
UK Mortgage Broker SPF.co.uk analysed monthly income figures and average house prices in each area. Then, using the 50/30/20 budgeting rule, where 20% of income goes to into savings each month, the data was examined to calculate how long it would take each area to save for both a 5% and 10% deposit.
Aberdeen City is the best place to live if you want to save for a house fast.
For a 5% deposit, it would take residents in this area exactly one year, six months, one week and four days to save. For a 10% deposit, it would take three years, three weeks, and two days. The average salary in Aberdeen City is £1,710 a month and house prices are around £125,671, meaning you would have to save £342 every month to meet the timeline specified.
Inverclyde ranks second, taking residents one year, eight months, one week and three days to save a 5% deposit. If you were looking to save a 10% deposit, it would take three years, four months, two weeks, and six days. Also in Scotland, the average wage in Inverclyde is £1,510.58. To buy a house at the average price of £122,852 with a 5% deposit, you would need to save a total of £6,143, which works out to £302.12 each month.
In third is Burnley; to save a 5% deposit, it would take exactly one year, nine months, one week and four days. For 10%, you would have to save for three years, six months, three weeks, and two days. Burnley has the lowest average house price on the list at just £108,048, over a 90% decrease compared to Kensington and Chelsea with the highest at £1,109,723. Residents would need to save £252.80 a month to achieve their desired deposit amount.
East Ayrshire ranks fourth, taking one year, nine months, three weeks, and three days to save for a 5% deposit. To put down a 10% deposit, it would take three years, seven months, two weeks, and four days to save.
The average monthly wage in this area is £1,452.42, meaning you would need to put £290.48 aside each month. The target amount for a 5% deposit here is £6,332, whilst a 10% deposit would be £12,664.20.
A close fifth is North Ayrshire; for a 5% deposit it would take you one year, nine months, four weeks, and two days to save. For a larger deposit of 10%, it would take three years, seven months, four weeks, and two days.
The average house price in North Ayrshire is £127,069, a 0.3% increase compared to the East. However, wages are also 0.5% lower, meaning savers would be putting a slightly smaller amount of £288.87 aside each month.
In sixth is Na h-Eileanan Siar. To save for a 5% deposit, it would take you one year, ten months, one week and three days. For a 10% deposit, it would take three years, eight months, two weeks, and five days. Residents would need to save £309.90 each month to achieve this.
Hartlepool is seventh, taking one year, ten months, two weeks, and five days to save for a 5% deposit. In order to save a 10% deposit, it would take three years, nine months, one week and one day. Each month, £282.23 would need to be saved to reach this target.
Eighth is County Durham. For a 5% deposit, you would need to save for one year, ten months, four weeks and one day. For a 10% deposit, it would take you three years, nine months, three weeks, and seven days. Putting aside £287.13 a month would allow you to save the deposit needed.
Blackpool ranks ninth; to save a deposit of 5%, you would need to save for one year, eleven months, three weeks, and two days. A 10% deposit would take you three years, eleven months, two weeks and one day to save. You would need to save £278.62 a month to achieve this goal.
In tenth is West Dunbartonshire where you would need to save for one year, eleven months, three weeks, and five days for a 5% deposit. To save a 10% deposit, it would take you three years, eleven months, and three weeks. Putting £282.97 into savings a month will allow you to save your desired deposit amount within the time specified.
Mark Harris, Chief Executive of SPF Private Clients has commented on the findings:
“Buying a house is one of the most exciting purchases you can make, but it is also one of the most expensive.
“When you’re saving hard to buy your new home, it can seem as if there’s no end in sight.
“This list was created to give people a rough timeline of how long it might take to save for your deposit, and also to give an idea of where the best places to live are if you’re desperate to get on the property ladder quickly.”
You can find more information on SPF here - https://www.spf.co.uk
