A new study by SPF shows Aberdeen City is the fastest place in the UK to save for a house deposit, with residents able to save a 5% deposit in just over a year and a half.
Mortgage broker SPF analysed average monthly incomes and house prices in regions across the country. Using the 50/30/20 budgeting rule, which allocates 20% of income toward savings, the study calculated how long it would take residents to save a 5% and 10% deposit.
Aberdeen City emerged as the most efficient area to save, requiring one year, six months, one week, and four days for a 5% deposit on an average-priced home of £125,671. To secure a 10% deposit, residents would need approximately three years, three weeks, and two days, saving an average of £342 per month.
Inverclyde ranked second, with residents needing one year, eight months, one week, and three days for a 5% deposit on an average property price of £122,852, saving about £302.12 monthly.
Burnley placed third, requiring one year, nine months, one week, and four days for a 5% deposit on homes averaging £108,048, with monthly savings of £252.80.
SPF’s CEO, Mark Harris, said: “Buying a house is an exciting yet costly milestone. This analysis provides a timeline for savers and highlights locations where getting on the property ladder might be more attainable.”
