CROYDON THE BEST LONDON BOROUGH TO RAISE A PROPERTY DEPOSIT WHILST RENTING
-
MoneySuperMarket explores the cost of living against local house prices and the average salary
-
Data analysis reveals a couple renting in London will need an average of 22 years and two months to save for a deposit but only six years and eight months in Croydon [1]
-
A couple in Scottish town Paisley would take three months to raise a deposit whilst renting
The UK’s leading price comparison site MoneySuperMarket today reveals which locations in the UK provide the quickest route to becoming a property owner for those attempting to save whilst renting. 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. Whilst renting can be a drain on your finances, it’s important to look at all of your options for saving money. Choosing the best renters insurance, for example, is one way that you can start saving money. Compare online reviews like this review for toggle insurance, and you’ll be able to find the best deal for you. Making savings like this will mean you can reach your property deposit goal faster, so instead of having to save for ten years, you might only need to save for two!
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.
Visit MoneySuperMarket for more information on the top locations across the UK to rent while saving for a property deposit.