The 10 towns where you can get on the ladder the quickest
Aspiring homeowners can get on the ladder most quickly in the North East of England, according to research by One77 Mortgages.
The region has an average time of just seven months required to save a 10% deposit, said the broker.
The firm looked at where is the best place to live in the UK when it comes to property purchase affordability. It considered the average net salary and how quickly this allowed aspirational homeowners to accumulate a 10% mortgage deposit to get a foot on the property ladder in a given area.
Burnley is the best place to buy a property, with the net salary available totting up to a 10% mortgage deposit in just 4.7 months, providing the quickest, most affordable foot on the ladder when considering the wage available.
Pendle in Lancashire ranks second at 5.1 months, with East Ayrshire in Scotland, Hyndburn and County Durham completing the top five, with a 10% mortgage deposit achievable in 5.3 months.
Copeland, Hartlepool, Merthyr Tydfil, Blaenau Gwent and West Dunbartonshire make the top 10 at 5.9 months or quicker.
Long wait for FTBs
In contrast, London dominates the top 10 longest times to accumulate a 10% deposit, with the City of London the least affordable place to get a foot on the ladder at 25.7 months.
Hackney, Haringey, Brent, Camden, Barnet and Hammersmith and Fulham are unsurprisingly amongst the worst.
Oxford is the only entry into the top 10 longest outside of the capital, where it takes 20.6 months to accrue a 10% deposit on the net salary available.
Managing director of One77 Mortgages, Alastair McKee, said: “Of course, the wage on offer and the price of property is relative to each area and you still need to account for the cost of living, but this research highlights where you have the best opportunity of saving a deposit and getting on the ladder in the shortest space of time.
“While it’s no secret that London and the South East provides a much greater obstacle for aspirational homeowners, it’s alarming to see just how large the disparity is, with it taking over five times as long to save a deposit in the City of London compared to Burnley and that’s despite a much larger wage on offer.
“The compromise that many are forced to make in these regions is a much longer commute in order to secure a higher wage while looking to buy in an area that offers a much more affordable price tag.”