New research has revealed the UK towns and cities where first-time buyers face the biggest challenges when it comes to saving for a deposit.
By analysing average property prices, local median salaries, and realistic saving rates across 100 UK locations, data from Pepper Money showed how long buyers need to save.
Unsurprisingly, the findings highlight a significant contrast between the North and South.
The time it takes to save depends on two key factors: the average property price in the area and the median salary of residents. Using house price data, median salaries, and saving rates, the research analysed 100 locations from across the UK to reveal which towns and cities take the longest (and shortest) to save for a home.
The average time to save a deposit in the UK
According to data from the UK Land Registry and ONS median salary figures, average UK property value is £269,735 and the median salary sits at £35,464.
A first-time buyer putting aside 10 per cent of their annual income could expect to save over 11 years for a 15 per cent deposit.
The hardest places to save for a deposit
Windsor, located just west of London, tops the list, where the median salary of £39,832 contrasts with an average house price of £586,184. According to the data, it could take 22 years of saving to buy a home here.
Following Windsor is the North West’s Altrincham and Wilmslow, both known for attracting footballers and influencers. In Altrincham, houses cost an average of £543,385 with residents in the region earning an annual salary of £39,246.
In Wilmslow, properties cost £510,057 with people here earning about £37,473 on average.
Buyers in Altrincham could face 21 years to save a deposit, while in Wilmslow it could take 20 years.
Most affordable cities
In contrast, Scottish towns like Paisley, North Lanarkshire, and Cumbernauld top the list of most affordable cities, with each town requiring around six years of saving for a deposit.
Homes in Paisley cost an average of £153,426 with median salaries in the region averaging £37,883.
In North Lanarkshire, houses cost £151,631 and salaries are an estimated £36,608 annually.
Blackpool has houses for sale at £130,280 on average, with employees in the town earning about £31,096 annually. The study indicates that buyers on this salary could save a deposit in around six years.
Moderate areas
In many mid-priced areas, first-time buyers can expect a saving period of around 12–15 years, the study says.
Houses in Stockport sell at an average of £307,000 with workers earning £37,479.
Meanwhile in Reading, properties fetch an asking price of about £345,000, with workers in the town making salaries of about £40,988.
In Northampton, properties cost an average price of £291,940 with employees earning about £34,320.
