CROYDON THE BEST LONDON BOROUGH TO RAISE A PROPERTY DEPOSIT WHILST RENTING
The UK’s leading price comparison site MoneySuperMarket this week revealed which locations in the UK provide the quickest route to becoming a property owner for those attempting to save whilst renting. Anyone who has been in this position knows how hard trying to save while also renting can be. Everyday costs from buying food and clothes, to unforeseen repairs can drain any money that has been put aside. One way to protect your savings from unexpected repair bills is to take out a policy, like this State Farm Renters Insurance, which will cover you in an emergency. With this insurance, you can carry on saving up for your dream house. Based on a variable deposit, the study uses take-home salary, after the cost of living has been subtracted, to identify just how long it would take a couple to save up for a property in different locations.
With 57% of Brits feeling that getting on the property ladder is out of their reach[2], MoneySuperMarket has created an interactive tool to show where you can simultaneously rent and save for a property deposit, without feeling like you need to save for the next 10 years.
London is one of the most expensive locations in the UK to buy a house but with smart financial planning, it’s still possible to save up for a deposit. These are the top locations for quickly raising a deposit:
| Location | Average House Price [3] | Average Annual Salary [4] | Median Monthly Rent [5] | Monthly Saving
(per two adults) |
| 1. Croydon | £358,169 | £29,304 | £949 | £1,361.85 |
| 2. Bromley | £444,616 | £33,733 | £1,000 | £1,812.80 |
| 3. Bexley | £346,649 | £27,567 | £837 | £1,276.99 |
| 4. Barking and Dagenham | £303,038 | £25,500 | £1,023 | £856.73 |
| 5. Sutton | £379,341 | £28,556 | £925 | £1,301.07 |
The other top locations in the UK for those looking to get onto the property ladder are:
| Location | Average House Price [3] | Average Annual Salary [4] | Median Monthly Rent [5] | Monthly Saving (per two adults) |
| 1. Paisley | £120,754 | £24,996 | £351 | £1,855.93 |
| 2. East Kilbride | £129,340 | £24,592 | £385 | £1,776.14 |
| 3. Stoke-on-Trent | £113,191 | £22,082 | £418 | £1,462.05 |
| 4. Hartlepool | £115,696 | £22,297 | £377.00 | £1,470.28 |
| 5. Armagh | £120,699 | £22,083 | £475.00 | £1,522.07 |
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “While Paisley has proven to be the fastest place to raise a deposit, there are options across the country that won’t take a lifetime to save up for – even in London, where Croydon couples can buy a house within seven years of saving.
“Saving money for a home can be daunting, even where mortgages are more affordable. But you can take control of your finances more easily than you might think, by planning out how to save and looking at ways to cut back – as well as considering whether you could save up faster by moving somewhere with a higher salary or a lower cost of living.