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Average FTB takes 11 years to save deposit but could take double in some areas
['Anna Sagar']
Mortgage Solutions
The average first-time buyer saving 10% of their annual income will need to save for 11 years to have enough for a 15% deposit, and this could double in some areas, a report says.
Windsor is the hardest place to be a first-time buyer, as the average house price is £586,184 and the median salary is £39,832.
Therefore, it would take 22 years for a first-time buyer to save a 15% deposit, assuming 10% annual saving.
Estimates suggest it would take a first-time buyer 21 years to save a 15% deposit.
Paisley, North Lanarkshire, Blackpool and Cumbernauld all only take six years to save for a first-time buyer deposit.