Aberdeen and Aberdeenshire the fastest out of 29 Scottish locations for workers to save for a mortgage deposit

Glenn Copper (Sales & Marketing Director for Cala Homes)

A NEW 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 the median house price 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 research revealed that the residents in Scotland are in a far better position than the rest of the UK when it comes to achieving the first step to getting on the property ladder. Overall, saving for a house deposit in the UK takes 13 years, while the average saving time in Scotland was found to be just 4 years and 245 days.

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The study found that out of the Scottish locations analysed, Aberdeen offered the shortest time, 2 years and 182 days, to save for a 10% deposit of the median detached house price of £79,720.

The next one on the list is the wider county of Aberdeenshire, where a single resident saving 10% of the median weekly salary of £640 for the area, would need 3 years and 36 days to save up for a 10% deposit of the median detached property price of £102,060. This would mean just over 1 and a half years for a couple saving.

And in third, East Renfrewshire, with a very respectable weekly median salary of £800, it would take someone just under 4 years to save 10% of their salary to get the deposit needed for the £166,020 median house price in this area.

Deposit saving times in each Scottish location

RankLocal authority nameMedian detached house price (Sep 2022)Median Weekly PayYear to save for 10% deposit
3East Renfrewshire£166,020£799.703.99
4East Dunbartonshire£157,290£739.904.09
6South Ayrshire£140,330£641.104.21
7North Ayrshire£140,620£618.504.37
10South Lanarkshire£148,060£635.204.48
11Perth and Kinross£151,880£648.604.50
12Scottish Borders£141,180£587.604.62
17North Lanarkshire£160,550£630.804.89
20West Dunbartonshire£154,990£592.605.03
21East Ayrshire£159,270£607.705.04
22East Lothian£167,410£632.105.09
25West Lothian£167,180£616.805.21
27Dumfries and Galloway£150,990£538.905.39
28Argyll and Bute£157,110£546.305.53

Scotland’s highest median detached house price is in its biggest city – Glasgow, at £183,270. But, even there, where it would take 5 years and 259 days for a single person to save for a 10% deposit, it has nothing on locations in England such as London, where on average it would take a single person 37 years and 182 days to save 10% of the median detached house prices.

The figures from the study only represent how long it would take a single person to save for the full 10% deposit, based on saving 10% of the median salary, so those that are buying with someone else could cut this figure in half and there are schemes available that can also help reduce this time.

Glenn Copper, Sales & Marketing Director for Cala Homes (North Home Counties) said: “Against the backdrop of a housing and cost of living crisis, some schemes such as Deposit Unlock could offer more people an opportunity to own a new home by giving them access to low-deposit mortgages. It could also help buyers to significantly reduce the time it takes to save for a new home, and it isn’t just for first-time buyers, the scheme is open to home movers and those looking to return to the market following separation or divorce.

“If you are currently paying money towards your rent and you would prefer to pay this towards buying a new home, then it could be worth exploring what Deposit Unlock could do to make buying a new home more affordable for you.”

You can view the whole study here: https://www.cala.co.uk/about-cala/cala-news-lifestyle/blogs/2023/jun/26/the-quickest-and-slowest-places-to-save-for-a-house-deposit-in-the-uk/

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