Life

10 UK towns where you can save a deposit in the shortest time

Posted by
Susan Devaney
Published

Millennials, take note. 

For many millennials, putting down a deposit on a property to call your own can seem like a very far off dream. So why we get a foot on the property ladder? Well, from buying too many avocados to frittering money on sandwiches and waiting out 60 years to save for a deposit, we’ve heard a lot of reasons bandied about the place. The most compelling argument, though, is that it takes an average of 60 years to save for a deposit. Ouch.

However, it doesn’t have to be this way. Newly released data from Compare My Move has compared how long it will take the average renter to save a deposit in the 50 biggest towns and cities across the UK in order to find the 10 best places for first-time buyers to move to.

Using average local wages, living costs and rent prices for a room in a house share, the property website analysed how long it would take us to save a 15% deposit for a first home.

As it turns out, the best places to buy are in the north of England or Scotland.

So, if 2019 is the year you fancy your chances of getting on the property ladder then maybe start considering towns and cities a little further afield. Take a look at which places made the cut below. 

For many millennials, putting down a deposit on a property to call your own can seem like a very far off dream. So why can’t we get a foot on the property ladder? Well, from buying too many avocados to frittering money on sandwiches, we’ve heard a lot of reasons bandied about the place. The most compelling argument, though, is that it takes an average of 60 years to save for a deposit. Ouch.

10) Huddersfield 

Average 15% deposit: £18, 927

Time to save: 2 years, 7 months 

9) Doncaster 

Average 15% deposit: £16,600

Time to save: 2 years, 7 months 

8) Preston 

Average 15% deposit: £17,168

Time to save: 2 years, 6 months 

7) Glasgow 

Average 15% deposit: £17,168

Time to save: 2 years, 6 months 

6) Liverpool 

Average 15% deposit: £17,026

Time to save: 2 years, 5 months 

5) Blackpool 

Average 15% deposit: £14,306

Time to save: 2 years, 5 months 

4) Sunderland 

Average 15% deposit: £14,930

Time to save: 2 years, 4 months 

3) Hull 

Average 15% deposit: £4,776

Time to save: 2 years, 3 months 

2) Dundee 

Average 15% deposit: £14,998

Time to save: 1 year, 10 months 

1) Burnley 

Average 15% deposit: £10,436

Time to save: 1 year, 9 months 

Images: Unsplash / Getty 

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Susan Devaney

Susan Devaney is a digital journalist for Stylist.co.uk, writing about fashion, beauty, travel, feminism, and everything else in-between.

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