Blog, Renting

Saving For A House Deposit – How Long Will It Take?

somebody holding a key with a 'sold' keyring on it.

With mortgage rates skyrocketing the dream of owning a home may feel like a distant dream for many. But just how long will it take?

study by Cala Homes looked at the median weekly salary in over 130 UK towns and cities and worked out how long it would take a single person to save for a 10% deposit for an average house in the same area. The data was based on a person saving just 10% of their salary, to account for bills, rising costs and other outgoings. 

The average time it takes to save for a deposit on a home in the UK is 13 years. This is for a detached home, based on the average median price of this property type. A terraced home in the UK will take you just shy of 8 years. But you’re looking at nearly 10 years for a semi-detached home. If you’re looking for an apartment, the average saving time is significantly shorter, at just 4 and a half years.

Where’s The Cheapest Place To Buy?

The data showed that those in Scotland have to save for the least amount of time, with the top 5 locations for the quickest deposit time being in this country in the UK. Aberdeen took the top spot, with a median detached house price of just £79,720 and a median weekly wage of £621.30. Based on those figures, it would take a single person 2.5 years to save for a 10% deposit. 

Dundee came in second – it would take 4.8 years. Whilst Edinburgh was a close third, taking residents 4.9 years to save 10% of the £163,920 median detached house price. 

These figures show how long it would take a single person to save. If you are are buying with someone else, you can cut these figure in half. 

UK locations outside of Scotland that appeared in the top 10 included Belfast, Hartlepool and Doncaster. 

It Could Take Up To Four Decades To Buy In London

It is likely of no surprise that the location with the longest time to save for a deposit was London. Despite having a median salary of £747.40 per week, it would take one person 37.5 years to save for the 10% deposit for a median detached house price of £1.49m. 

In second and third place on the list of most expensive, and therefore are the slowest places to save for, due to their proximity to and excellent transport links to London, are Watford and Woking. It would take 26.6 years and 23.9 years to save respectively.  

Well those figures are depressing. Based on this study, we should all get saving and move to Scotland!

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