A new report by Cala Homes which looked at over 130 UK towns and cities including London has found that Ealing is number 25 of taking the longest for a single person to save enough for a 10% deposit on a London home.
With the median price of a detached house costing £1,470,000, it would take a staggering 41 years for a person to save a 10% deposit on a salary of £689.80 a week placing Ealing at number 25 in the study.
The data was based on a person saving just 10% of their salary, to account for bills, rising costs and other outgoings.
Meanwhile, for those looking for semi-detached it would take an average of 22 years to save a 10% deposit and it would take just over 11 years to save enough for an apartment.
The study found that out of the London boroughs analysed, Barking and Dagenham offered the shortest time to save for a 10% deposit. Despite having the lowest median salary (£615.40 per week) in comparison to other areas of London, it would take a single person 14 years and 22 days to save 10% of the £450,000 median detached house price, or 7 years and 11 days if purchasing with someone else.
Glenn Copper, sales and marketing director for Cala Homes (North Home Counties) said: “Against the backdrop of a housing and cost of living crisis, some schemes such as Deposit Unlock could offer more people an opportunity to own a new home by giving them access to low-deposit mortgages. It could also help buyers to significantly reduce the time it takes to save for a new home, and it isn’t just for first-time buyers, the scheme is open to home movers and those looking to return to the market following separation or divorce.
“If you are currently paying money towards your rent and you would prefer to pay this towards buying a new home, then it could be worth exploring what Deposit Unlock could do to make buying a new home more affordable for you.”
