Aberdeen named best place in UK to live to save for house deposit

Aberdeen is the best place in the UK to live if you’re looking to save a house deposit quickly, according to new data.

UK Mortgage Broker SPF.co.uk analysed monthly income figures and average house prices in each area. Then, using the 50/30/20 budgeting rule, where 20% of income goes to into savings each month, the data was examined to calculate how long it would take each area to save for both a 5% and 10% deposit.

It concluded that Aberdeen is the best place to live if you want to save for a house fast. For a 5% deposit, it would take residents in this area exactly one year, six months, one week and four days to save. For a 10% deposit, it would take three years, three weeks, and two days.

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The average salary in Aberdeen City is £1,710 a month and house prices are around £125,671, meaning you would have to save £342 every month to meet the timeline specified.

Inverclyde ranks second, taking residents one year, eight months, one week and three days to save a 5% deposit. If you were looking to save a 10% deposit, it would take three years, four months, two weeks, and six days.

Also in Scotland, the average wage in Inverclyde is £1,510.58. To buy a house at the average price of £122,852 with a 5% deposit, you would need to save a total of £6,143, which works out to £302.12 each month.

In third is Burnley; to save a 5% deposit, it would take exactly one year, nine months, one week and four days. For 10%, you would have to save for three years, six months, three weeks, and two days.

Mark Harris, Chief Executive of SPF Private Clients said: “Buying a house is one of the most exciting purchases you can make, but it is also one of the most expensive.

“When you’re saving hard to buy your new home, it can seem as if there’s no end in sight.

“This list was created to give people a rough timeline of how long it might take to save for your deposit, and also to give an idea of where the best places to live are if you’re desperate to get on the property ladder quickly.”