New research has unveiled the best places in the UK to save for a house deposit quickly, with Aberdeen City leading the charge. The data, analysed by UK mortgage broker SPF.co.uk, ranked regions based on average monthly income, house prices, and the time required to save for a 5% or 10% deposit, using the widely known 50/30/20 budgeting rule. This budgeting principle suggests allocating 20% of one’s income towards savings, making it easier for would-be homeowners to estimate the time it takes to save for a deposit in different areas of the UK.
Scotland Leads the Way
At the top of the list is Aberdeen City, where it takes just one year, six months, one week, and four days to save for a 5% deposit. The average salary in Aberdeen stands at £1,710 per month, with average house prices hovering around £125,671. Prospective homeowners in the area would need to save £342 monthly to meet the 5% deposit of £6,283. The time required to save for a 10% deposit in Aberdeen would be approximately three years, three weeks, and two days, reinforcing its reputation as one of the most affordable cities in the UK for those looking to get on the property ladder.
Following Aberdeen, Inverclyde, another Scottish region, ranks second. It takes residents about one year, eight months, one week, and three days to save a 5% deposit. The average wage in Inverclyde is £1,510.58, with house prices slightly lower at £122,852. Residents here need to set aside £302.12 each month to hit the deposit target. A 10% deposit would require three years, four months, two weeks, and six days of saving, making Inverclyde a solid option for first-time buyers.
| Rank | UK Area | Time taken to save a 5% deposit | Time taken to save a 10% deposit |
| 1 | Aberdeen City | 1 year, 6 months, 1 week, 4 days | 3 years, 3 weeks, 2 days |
| 2 | Inverclyde | 1 year, 8 months, 1 week, 3 days | 3 years, 4 months, 2 weeks, 6 days |
| 3 | Burnley | 1 year, 9 months, 1 week, 4 days | 3 years, 6 months, 3 weeks, 2 days |
| 4 | East Ayrshire | 1 year, 9 months, 3 weeks, 3 days | 3 years, 7 months, 2 weeks, 4 days |
| 5 | North Ayrshire | 1 year, 9 months, 4 weeks, 2 days | 3 years, 7 months, 4 weeks, 2 days |
| 6 | Na h-Eileanan Siar | 1 year, 10 months, 1 week, 3 days | 3 years, 8 months, 2 weeks, 5 days |
| 7 | Hartlepool | 1 year, 10 months, 2 weeks, 5 days | 3 years, 9 months, 1 week, 1 day |
| 8 | County Durham | 1 year, 10 months, 4 weeks, 1 day | 3 years, 9 months, 3 weeks, 7 days |
| 9 | Blackpool | 1 year, 11 months, 3 weeks, 2 days | 3 years, 11 months, 2 weeks, 1 day |
| 10 | West Dunbartonshire | 1 year, 11 months, 3 weeks, 5 days | 3 years, 11 months, 3 weeks |
Northern England Joins the Race
In third place is Burnley, where the average house price is £108,048, making it one of the most affordable areas on the list. A 5% deposit here would require around one year, nine months, one week, and four days of saving, with a monthly saving target of £252.80. A 10% deposit would require about three years, six months, three weeks, and two days. Compared to areas like Kensington and Chelsea, where house prices exceed £1 million, Burnley’s affordability shines through.
East Ayrshire, another Scottish region, ranks fourth, requiring one year, nine months, three weeks, and three days of saving for a 5% deposit. Residents would need to save £290.48 each month, based on an average monthly wage of £1,452.42. A 10% deposit would take around three years, seven months, two weeks, and four days.
Close behind is North Ayrshire, where a 5% deposit can be saved in one year, nine months, four weeks, and two days. Although house prices in North Ayrshire are slightly higher than in East Ayrshire, residents’ wages are 0.5% lower, meaning they save around £288.87 each month to meet their deposit goals.
Further Affordability Across the UK
Na h-Eileanan Siar, a remote area in Scotland’s Outer Hebrides, ranks sixth. To save for a 5% deposit, residents need approximately one year, ten months, one week, and three days. A 10% deposit would take about three years, eight months, two weeks, and five days, with a monthly savings goal of £309.90.
Hartlepool follows in seventh place, where it takes one year, ten months, two weeks, and five days to save for a 5% deposit. A 10% deposit requires around three years, nine months, and one week of savings, with residents needing to save £282.23 monthly.
County Durham ranks eighth, with residents needing one year, ten months, four weeks, and one day to save for a 5% deposit. For a 10% deposit, it would take three years, nine months, three weeks, and seven days, with a monthly savings requirement of £287.13.
Blackpool, known for its affordability, takes ninth place, where residents can save a 5% deposit in just under two years, with a monthly savings goal of £278.62. A 10% deposit would take almost four years.
Rounding out the top ten is West Dunbartonshire, where a 5% deposit requires one year, eleven months, three weeks, and five days of saving, with a 10% deposit taking nearly four years.
Expert Analysis on Homeownership
Mark Harris, Chief Executive of SPF Private Clients, commented on the findings: “Buying a house is one of the most exciting but expensive purchases you can make. It can feel like there’s no end in sight when you’re saving hard, but this list provides a helpful guide for those looking to get on the property ladder quickly. It highlights the regions where saving for a deposit is more achievable, offering a rough timeline to help prospective buyers plan their homeownership journey.”
The research highlights that while homeownership remains an expensive prospect, there are still affordable regions across the UK where residents can save for a house deposit faster than ever before. With salaries and house prices varying significantly across the country, the top ten list offers valuable insights for those eager to fast-track their way onto the property ladder.