Paisley’s the best place in UK to rent and save
Paisley has been crowned as the best location in the UK to rent and save before getting on the property ladder.
New research by MoneySuperMarket puts Buddies streets ahead whether it is buying a home in terms of affordability – or putting a roof over your head in terms of paying rent to a private landlord.
In Paisley the average monthly rent is only £351, while a typical salary is just shy of £25,000, and the average house price is almost £124,000.
The second best location in the UK is East Kilbride, third is Stokeon-Trent, fourth is Hartlepool and fifth is Armagh, Northern Ireland.
Rachel Wa i t, consumer affairs s p o k e s p e r s o n at MoneySuperMarket, said: “While Paisley has proven to be the fastest place to raise a deposit, there are options across the country that won’t take a lifetime to save up for.
“Saving money for a home can be daunting, even where mortgages are more affordable.
“But you can take control of your finances more easily than you might think, by planning out how to save and looking at ways to cut back – as well as considering whether you could save up faster by moving somewhere with a higher salary or a lower cost of living.”
The latest figures from property bosses back up the research as homeowners in Paisley have witnessed a rise of more than £4,000 in the last year.
The average price of a house in Renfrewshire has risen to £123,750 by the end of May, compared with £ 119,701 in the same month of 2018, equivalent to a rise of 3.4 per cent.
Register of Scotland accountable officer Janet Egdell added: “Average prices in Scotland continued their upward trend in May, having increased each month since May 2016, when compared with the same month of the previous year.
“House prices in Scotland were growing faster than the UK annual rate in the year to May 2019.
“House sales in 2018- 19, based on provisional data, were at a similar level to the previous financial year.”
Renfrewshire also trumps the average price increase across all Scottish areas of 2.8 per cent over the same period.
Property bosses said it takes up to eight weeks for a sale to be registered, so data published reflects the latest available records.
Average price increases were recorded in the majority of local authorities, when comparing prices with the previous year.
The biggest price increases were in North Ayrshire and Stirling where average prices increased by 8.2 per cent to £110,995 and 7.2 per cent to £189,709 respectively.
The largest decreases were recorded in Aberdeen City and South Ayrshire, where average prices fell by 4.4 per cent to £ 152,686 and 4.1 per cent to £129,413 respectively
The average price of a property in Scotland came in at £ £152,801.