Revealed: Where to Rent In London While Saving for a Deposit

Buying a property is no easy feat. You’ve got to plan your budget, look for the right house to fit your needs, and sell your current house (if you have one). It’s difficult to juggle all of these things and get them to line up correctly. For example, if you’ve found the perfect house that’s within your budget but you can’t pull the trigger until you’ve sold your current house, you might lose out on the house if you can’t get your house sold. Luckily, you can go to a company like Sell Property Fast Cash. And there is always a solution like this no matter what your situation. Another solution is that if you rent a place so you can save up enough money to buy a property.

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. This would be helpful for people to see. Currently, a lot of people don’t think they would be able to afford a home, so they do tend to rent property instead. Finding a property isn’t very difficult because there are letting agents who guide the tenants to connect with house owners who are renting out property. But before renting, it’s important that people read over their contracts multiple times to make sure they understand everything. By doing this, renters will understand how long they’re agreeing to rent the property. Once they understand that, people can confidently sign their contract. Nowadays, these contracts are online, so people will need to have an electronic signature prepared. This signature maker website helps people to create a legal online signature, so that would ensure that the contract was signed legally.

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. You may want to hire a financial planner that can draft up things like tax-resolution-services-irs-payment-plans for you so that you know how much money you have coming in, making it easier to plan your savings. 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.