Tenant News

Best areas in UK for renters saving property deposits revealed by MoneySuperMarket

Em Morley - October 21, 2019

MoneySuperMarket, the UK price comparison website, has revealed data that shows which locations provide the best financial opportunities for renters looking to save up and become a property owner in the UK.

This research took into account take-home salary and deducts the cost of living in order to identify just how long it would take renters saving property deposits, based on a variable deposit. It also looked at different locations around the UK.

MoneySuperMarket has highlighted that 57% of Brits feel like getting on the property ladder is out of their reach according to a survey from OnePoll. As such, it has created an interactive tool that shows you where you can simultaneously rent and save for a deposit, without feeling like you need to save for the next ten years.

MoneySuperMarket has provided the following table of top locations looking to get onto the property ladder:

LocationAverage House Price Average Annual Salary Median Monthly Rent Monthly Saving (per two adults)
1.     Paisley£120,754£24,996£351£1,855.93
2.     East Kilbride£129,340£24,592£385£1,776.14
3.     Stoke-on-Trent£113,191£22,082£418£1,462.05
4.     Hartlepool£115,696£22,297£377.00£1,470.28
5.     Armagh£120,699£22,083£475.00£1,522.07

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “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.

“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.”