London buyers need a decade to save a deposit

First-time buyers in London are taking more than ten years to save for a deposit – whereas buyers in Blackpool need less than three. A recent report from Post Office Money has revealed how long buyers have to wait to get on the property ladder in certain areas. In London, first-timers save for just over a decade to get a standard deposit of £170,003 on the average home costing £538,132. This assumes a household income of £79,834 a year, according to the survey. In Blackpool, saving a typical £21,696 deposit to buy an average £110,000 home takes two years, nine months - assuming household income of £40,053. Other towns where first-timers save the longest include Guildford and Woking in Surrey, as well as Cambridge and Oxford. The UK average was three years, six months.

Daily Mail (12/11/2019)