According to home moving comparison site Reallymoving, it would take as long as nine-and-a-half years, or 113 months, for a potential buyer in England to raise a deposit of £27,315 with an average salary of £39,298. This would cover the 10% deposit of £25,000 for a typical first-time buyer home worth £250,000, plus £1,421 for conveyancing, £462 for a survey and £432 for removals.
Further, as the average age of a first-time buyer rises and is currently 34 across England, more are seeking larger homes, which could mean higher costs.
Reallymoving found that 53% of first-time buyers purchased a three-bedroom home, leapfrogging smaller, starter properties to reduce how frequently they move and suit a potential growing family.
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| Region | Median purchase price (FTB) |
Deposit
(10%) |
Moving costs
(inc. stamp duty) |
Total to save
|
Time to save
(Months) |
| East Midlands | £204,725 | £20,473 | £2,250 | £22,723 | 104 |
| East of England | £280,000 | £28,000 | £2,357 | £30,357 | 128 |
| London | £400,000 | £40,000 | £7,692 | £47,692 | 156 |
| North East | £147,000 | £14,700 | £2,063 | £16,763 | 79 |
| North West | £193,000 | £19,300 | £2,213 | £21,513 | 93 |
| Northern Ireland | £185,000 | £18,500 | £2,131 | £20,631 | 90 |
| Scotland | £165,000 | £16,500 | £1,911 | £18,411 | 75 |
| South East | £301,750 | £30,175 | £2,540 | £32,715 | 133 |
| South West | £250,000 | £25,000 | £2,296 | £27,296 | 119 |
| Wales | £181,500 | £18,150 | £2,045 | £20,195 | 91 |
| West Midlands | £215,000 | £21,500 | £2,183 | £23,683 | 104 |
| Yorkshire and the Humber | £178,000 | £17,800 | £2,085 | £19,885 | 90 |
| England | £250,000 | £25,000 | £2,315 | £27,315 | 113 |
Buy jointly, buy faster
Reallymoving’s research suggested that people who purchased their first home with someone else were able to get on the housing ladder in half the time, averaging 56 months of saving or four years and eight months when earning the national average wage.
People who have saved into a Lifetime ISA (LISA) can also shorten their waiting time by 23 months, Reallymoving found. The current LISA allows people between the ages of 18 and 39 to save up to £4,000 per year and receive a 25% annual bonus from the government. A couple saving into a LISA could buy a home in four years and nine months.
This comes as the government reveals plans to replace the LISA with a First-Time Buyer ISA in 2028 with no upper age limit.
Londoners face longer wait than North East first-time buyers
The North/South divide in property prices and earnings means first-time buyers face a 13-year wait to raise the £47,692 deposit needed for a home, while those in the North East save for six years and seven months to save £16,763.
On average, first-time buyers in the South of England need to save for four years and three months longer than those in the North.
Rob Houghton, founder and CEO of Reallymoving, said: “Raising a deposit and covering the cost of moving is still the biggest challenge facing most first-time buyers who don’t have access to financial support from parents and grandparents.
“With the cost of living and rents so high, putting money aside month after month is increasingly difficult and even first-time buyers who save consistently are looking at almost a decade of saving until they can afford to get on the housing ladder.”
He added: “The announcement that a new First Time Buyer ISA will be launching in 2028 with no upper age limit is certainly positive, better reflecting the increasing age of first-time buyers and their desire to purchase larger homes at the outset, but it’s essential that the £450,000 price cap is also reviewed to ensure it better reflects property values in London and the South East.”
