House hunters in Yorkshire can get on the property ladder faster than other areas in the UK based on local salaries and property prices, new research claims.
A study by property and jobs search engine Adzuna, co-founded by former Zoopla chief operating officer Doug Munro, analysed the time it would take someone to save a 15% deposit for the average three-bedroom property in their area based on the average advertised pre-tax salary for each UK region, and the region’s average house prices.
Property hunters in the Yorkshire area would be first to accumulate the money required for a 15% deposit on a local property after 277 days, and could squirrel away a year’s rent in just 60 days, despite being one of the lower-earning UK regions.
Londoners need to wait longer to snap up a new home, despite having the highest average salaries, and would need to wait approximately two years and four months to save for a 15% deposit on a three-bedroom property.
This all of course assumes that buyers only want a three-bedroom property and can’t access smaller deposit mortgages or even use savings rates or investments to save for a bigger amount.
Munro said: “Never has the north-south divide been so evident.
“Far from being paved with gold, it seems the streets of London are now lined with unhappy house hunters, as real estate in the capital moves further and further out of reach for most of us.
“Comparatively, employees in the north, especially in Yorkshire, benefit from far lower property prices, and despite the salary gap between north and south, may well get on the property ladder far sooner.”
Average Advertised Salary
Yorkshire & The Humber
Time to save 15% deposit for 3-bed house
Days to earn
Yorkshire and the Humber
5 October, 2017
23 October, 2017
27 October, 2017
31 October, 2017
18 November, 2017
28 December, 2017
12 January, 2018
1 June, 2018
24 August, 2018
20 October, 2018
9 May, 2019