Paisley in Scotland is the best place in the UK for a couple buying a home to raise a deposit while renting, taking just three months to do so, new research has found.
But couples renting in London will need an average of 22 years and two months to save for a deposit, according to the data analysis report from price comparison site MoneySuperMarket.
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.
In Paisley the average house price is £120,754 and the median monthly rent £351. The study calculated that on an average salary of £24,996, two adults would be able to save £1,855.93 per month towards a deposit.
The next best place was East Kilbride, also in Scotland, with an average house price of £129,340, a monthly median rent of £385, and an average salary of £24,592, leading to a monthly saving of £1,776.14.
Then Stoke-on-Trent with an average house price of £113,191, a median monthly rent of £418, an average salary of £22,082, leading to a monthly saving of £1,462.05 towards a deposit.
Next is Hartlepool at £115,696, £475, £22,297 and £1,470.28 respectively and then Armagh in Northern Ireland at £120,699, £475, £22,083 and £1,522.07.
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, a median monthly rent of £949, an average salary of £29,304 and a monthly saving for two adults of £1,361.85.
This is followed by Bromley at £444.616, £1,000, £33,733 and £1,812.80 respectively, then Bexley at £346,649, £837, £27,567 and £1,276.99. Next came Barking and Dagenham at £303,038, £1,023, £25,500 and £856.73 and Sutton at £379,341, £925, £28,556 and £1,301.07.
‘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, even in London, where Croydon couples can buy a house within seven years of saving,’ said Rachel Wait, consumer affairs spokesperson at MoneySuperMarket.
‘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,’ she added.
