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House deposit saving takes 21 years in London, study finds

A person saving alone in London could face a 21-year wait to build a 10% house deposit, according to Checkmyfile research. London properties average £729,318, requiring a deposit of almost £73,000.
Checkmyfile analyzed local earnings, living costs, and property prices to estimate saving timelines across UK regions. Marketing manager Natalie Vos said, "People often think of salary as the biggest factor determining how quickly they can reach major financial goals, but what really matters is how much money is left after essential costs each month."
A solo saver in London could spend almost 15 years longer building a deposit than someone in Hull. Hull recorded a 6.3-year timeline, while Brighton followed at 17.3 years and Reading at 15.1 years.
Even with two people saving, buyers in London still face longer timelines than solo buyers in affordable regions. Couples in London need approximately 10.5 years versus 3.1 years in Hull.
Saving for non-housing goals also reveals regional divides. For a £3,000 car deposit, Londoners need approximately 1.7 years compared to around nine months in Barnsley or Aberdeen; a £22,000 wedding takes 5.3 years in those cities.

Insights by Ground AI