Mojo Mortgages has revealed significant regional disparities in the time required for solo homebuyers to save for a deposit, following a 60% rise in the number of single buyers over the past year. The analysis sheds light on renting expenses and the savings journey for first-time buyers across the UK.
The research breaks down the average monthly costs for renters, including household bills and other outgoings.
Unsurprisingly London tops the list as the most expensive region, with average monthly outgoings of £2,073, driven by steep rental prices averaging £995 per room.
In contrast, the North East is the most affordable, with total monthly living expenses at £1,638, and an average room rent of £550. Northern Ireland offers the lowest overall monthly cost at £1,621, around 27% cheaper than London.
Mojo Mortgages used the data to calculate how long solo buyers need to save for a 15% deposit. The average across the UK stands at 7 years and 3 months, but this varies significantly by region.
In Northern Ireland, a solo buyer can save for a deposit in just 3 years and 11 months, saving £426 per month for an average house price of £133,510. Scotland and the North East follow closely, both taking just over 4 years to save for a deposit with similar monthly saving rates.
In contrast, buyers in the East of England face the longest saving period—13 years and 6 months—while saving £285 monthly for an average property price of £308,100. The South East and London also present long timelines of nearly a decade, despite higher potential savings due to higher salaries.
In London, where the average property price is £436,475, solo buyers need to save £582 each month for 9 years and 4 months to reach a deposit.
