According to analysis from Pepper Money, which used data from the Land Registry and the Office for National Statistics’ (ONS’) median salary figures, the average property value in the UK is £269,735 and the median salary is £35,464, meaning it would take a first-time buyer 11 years – assuming 10% saving per year – to gather a 15% deposit.
The lender said the “widening gap between wages and house prices highlights just how challenging it has become for many to step onto the property ladder, even for disciplined savers”.
Saving for a FTB deposit could take 22 years in some areas
Pepper Money noted that in some areas, this disparity meant it could take up to 22 years for a first-time buyer to save a deposit.
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.
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| Location | Average house price | Deposit (15%) | Median salary | Annual saving (10%) | Years to save |
| Windsor | £586,184 | £87,928 | £39,832 | £3,983 | 22 |
| Altrincham | £543,385 | £81,508 | £39,246 | £3,925 | 21 |
| Wilmslow | £510,057 | £76,509 | £37,473 | £3,747 | 20 |
| London (City) | £561,587 | £84,238 | £43,628 | £4,363 | 19 |
| North Berwick | £499,327 | £74,899 | £38,888 | £3,889 | 19 |
This was followed by Altrincham, where the average house price is £543,385 and the median salary is £39,246. Estimates suggest it would take a first-time buyer 21 years to save a 15% deposit.
Wilmslow took the third spot, with average house prices coming to around £510,057 and the median salary standing at £37,473 – so it would take a first-time buyer 20 years to save a 15% deposit.
Most affordable areas only take FTBs six years to save deposit
On the other end of the spectrum, the most affordable places for a first-time buyer to save for a deposit take six years to save a 15% deposit, assuming a 10% annual savings rate.
Paisley, North Lanarkshire, Blackpool and Cumbernauld all only take six years to save for a first-time buyer deposit.
Motherwell rounds out the top five, taking seven years to save for a deposit.
| Location | Average house price | Deposit (15%) | Median salary | Annual saving (10%) | Years to save |
| Paisley | £153,426 | £23,014 | £37,883 | £3,788 | 6 |
| North Lanarkshire | £151,631 | £22,745 | £36,608 | £3,661 | 6 |
| Blackpool | £130,280 | £19,542 | £31,096 | £3,110 | 6 |
| Cumbernauld | £161,771 | £24,266 | £38,581 | £3,858 | 6 |
| Motherwell | £181,045 | £27,157 | £38,581 | £3,858 | 7 |
