Couples can save for deposit in just months
ANDREA LAMBROU
East Kilbride is the second best place in the UK for a couple buying a home to raise a deposit while renting, new research has found.
The average house price is £129,340, with a monthly median rent of £385, and an average salary of £24,592, leading to a monthly saving of £1776.14.
Paisley took the top spot, with couples taking just three months to save for a deposit , according to the data analysis report from price comparison site MoneySuperMarket.
The average house price is £120,754 and the median monthly rent £351.
But couples renting in London will need an average of 22 years and two months to save for a deposit.
Based on a variable deposit, the study used take home salary, after the cost of living has been subtracted, to identify just how long it would take a couple to save up for a property in different locations.
The study calculated that on an average salary of £24,996, two adults would be able to save £1855.93 per month towards a deposit in the Paisley area.
Stoke-onTrent came third with an average house price of £113,191, next is Hartlepool at £115,696 and then Armagh in Northern Ireland at £120,699.
London is one of the most expensive locations in the UK to buy a house but the best option in the capital is Croydon with an average house price of £358,169.
Rachel Wait 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.”
This survey shows that there are places across the UK where it won’t take a lifetime to save for a house