Scotland’s best city for first time buyers has been named in a new study, and it is neither Edinburgh or Glasgow.
Deciding where to live is a major life decision, and everybody will have their own idea of the perfect place to settle down. While many would prefer to live in a city and have easy access to amenities, home prices tend to be significantly higher.
As reported by the Scottish Daily Express, mortgage brokers SPF.co.uk analysed monthly income figures and average house prices in local authority areas across the UK. They then used the 50/30/20 budgeting rule, in which 20 per cent of income goes into savings, to find out how much time it would take in each area to save for either a 5 per cent or 10 per cent deposit.
According to the experts, Aberdeen is the best city in the UK to live if you are looking to save up for a deposit. The Granite city was one of six Scottish areas to be included in the top 10.
For those living in Aberdeen, it would take approximately one year, six months, one week, and four days to save up for a five per cent deposit. Meanwhile, for a 10 per cent deposit, it would take around three years, three weeks, and two days.
The study found that the average salary in Aberdeen is £1,710 per month, while house prices are approximately £125,671. Therefore, you would need to put away £342 each month in order to meet the timeline.
Meanwhile, Inverclyde is the second best area of the UK for those looking to buy a home according to the research. It would take one year, eight months, one week, and three days to save up for a 5 per cent deposit, and three years, four months, two weeks, and six days to amass the funds for a 10 per cent deposit.
The experts also found that the average salary in Inverclyde is £1,511 a month. This means that, to purchase a home at the average cost of £122,852 with a deposit of 5 per cent, you would have to save £6,143 — working out to £302 per month.
Elsewhere, East Ayrshire ranks fourth behind Burnley in Lancashire. It would take one year, nine months, three weeks, and three days to save for a 5 per cent deposit here, or three years, seven months, two weeks, and four days for a 10 per cent deposit.
In fifth place is North Ayrshire, where it would take approximately one year, nine months, four weeks, and two days to for a 5 per cent deposit. On the other hand, you would need to save for three years, seven months, four weeks, and two days for a 10 per cent deposit.
Next up is the Western Isles in sixth place, where locals need to save for an average of one year, ten months, one week, and three days for a 5% deposit. On the other hand, for a 10 per cent deposit, you would have to save up for three years, eight months, two weeks, five days.
Chief Executive of SPF Private Clients Mark Harris commented: “Buying a house is one of the most exciting purchases you can make, but it is also one of the most expensive. When you’re saving hard to buy your new home, it can seem as if there’s no end in sight.
“This list was created to give people a rough timeline of how long it might take to save for your deposit, and also to give an idea of where the best places to live are if you’re desperate to get on the property ladder quickly.”
Best UK cities for first-time buyers
- Aberdeen
- Inverclyde
- Burnley
- East Ayrshire
- North Ayrshire
- Na h-Eileanan Siar
- Hartlepool
- County Durham
- Blackpool
- West Dunbartonshire
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