August 9th 2023.
It can take an extraordinary amount of time to save for a house deposit in some parts of the UK. With the cost of living increasing, it has become increasingly difficult for households, especially single young people, to save for a house deposit. With the Bank of England Base Rate having a considerable knock-on effect on mortgage repayments, the dream of owning your own home has become less and less attainable.
For those looking to take out a mortgage, many companies require a 10% deposit to be put down. This can be especially difficult in some parts of the UK. A recent analysis by Cala Homes examined the median income and the time it would take for an individual to save for a 10% down payment for a home with the median price in the area.
London topped the list, with a median detached house price of £1.49m. It would take an average of 37 and a half years to save for the 10% deposit. Two other areas of the south – Watford and Woking – came in second and third place, respectively, with a saving time of 26.6 years and 23.9 years.
Oxford and Cambridge also made the list, in 6th and 8th place, respectively. Every area of the top ten was located in the south, east, or southeast of the country, with larger northern cities like Manchester and Edinburgh being absent from the list.
The complete list of locations, average weekly pay, and how long it would take to save an average 10% house deposit can be found in the source. It is clear that saving for a house deposit can be an incredibly difficult process for many in the UK.
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