A new study has found the cheapest areas of England, Scotland and Wales to get on the property ladder, based on how long it takes to save for a 15% deposit.
The study, conducted by UK property information site Property Cash Buyers, analysed how long it takes first-time buyers to save for a down payment. Using the HM Land Registry’s October 2024 house price data and the ONS’s 2024 provisional average wage figures for 377 local authorities across England, Scotland, and Wales, the average property price for first-time buyers was compared to local earnings.
Applying the 50-30-20 rule, where 20% of pre-tax income is saved, the study calculated how long a couple earning the average wage would take to save for their first home with a deposit of 15%.
Local authorities where it is fastest to save for a first-time property
| Rank | Local Authority | Median annual wage | Estimated Monthly Savings (Couples) | Average Home Price (First-Time Buyers) | 15% Deposit (First-Time Home) | Time to Save for Average First-Time Home |
| 1. | City of Aberdeen | £35,175 | £1,173 | £116,920 | £17,538 | 14.96 months (1 year, 2 months, 4 weeks, 1 day) |
| 2. | North Ayrshire | £33,022 | £1,101 | £113,231 | £16,985 | 15.43 months (1 year, 3 months, 1 week, 6 days) |
| 3. | North Lanarkshire | £33,190 | £1,106 | £121,016 | £18,152 | 16.41 months (1 year, 4 months, 1 week, 5 days) |
| 4. | Burnley | £26,698 | £890 | £105,991 | £15,899 | 17.86 months (1 year, 5 months, 3 weeks, 5 days) |
| 5. | Inverclyde | £26,928 | £898 | £108,612 | £16,292 | 18.15 months (1 year, 6 months, 0 weeks, 5 days) |
| 6. | East Ayrshire | £26,235 | £875 | £106,908 | £16,036 | 18.34 months (1 year, 6 months, 1 week, 3 days) |
| 7. | City of Dundee | £30,913 | £1,030 | £126,551 | £18,983 | 18.42 months (1 year, 6 months, 1 week, 6 days) |
| 8. | West Dunbartonshire | £29,676 | £989 | £124,373 | £18,656 | 18.86 months (1 year, 6 months, 3 weeks, 5 days) |
| 9. | Na h-Eileanan Siar | £28,596 | £953 | £122,333 | £18,350 | 19.25 months (1 year, 7 months, 1 week, 1 day) |
| 10. | Hartlepool | £26,257 | £875 | £113,099 | £16,965 | 19.38 months (1 year, 7 months, 1 week, 5 days) |
| 11. | Hyndburn | £27,891 | £930 | £120,908 | £18,136 | 19.51 months (1 year, 7 months, 2 weeks, 1 day) |
| 12. | South Lanarkshire | £30,542 | £1,018 | £133,282 | £19,992 | 19.63 months (1 year, 7 months, 2 weeks, 5 days) |
| 13. | South Ayrshire | £31,750 | £1,058 | £138,602 | £20,790 | 19.64 months (1 year, 7 months, 2 weeks, 6 days) |
| 14. | County Durham | £27,577 | £919 | £121,262 | £18,189 | 19.79 months (1 year, 7 months, 3 weeks, 3 days) |
| 15. | Falkirk | £31,388 | £1,046 | £141,771 | £21,266 | 20.33 months (1 year, 8 months, 1 week, 3 days) |
In first place is City of Aberdeen, where it’ll take couples an average of 14.96 months to save for a first-time property deposit. The Granite City is known for below-average costs for property, with first-time buyers paying on average £116,920 as of 2024. Assuming both partners are on the average wage, this means they’ll be able to save £1,173 a month, and they’ll be able to save for their deposit in just under a year and three months.
Second place goes to North Ayrshire, where couples earning the average wage could save the required deposit of £16,985 in just 15.96 months. With the fifth lowest price for first-time buyers at £113,231, North Ayrshire just misses out on the top spot due to its lower wage than Aberdeen at £33,022.
In third place is North Lanarkshire, where couples can save for a deposit in 16.41 months, or just over a year and four months. The average first-time buyer property price in the area is £121,016, with a 15% deposit amounting to £18,152.
Burnley in England takes the fourth spot, with first-time buyers taking 17.86 months (just a year and six months) to save for a deposit. With the average first-time home price of £105,991, couples will need to save £15,899 to buy here. In comparison, Manchester, one of Burnley’s closest cities, has an average first-time buyer cost of £233,200 and would take two years and 10 months to save for.
Rounding out the top five is another Scottish location, Inverclyde. Here, the average first-time buyer deposit is £16,292, taking couples 18.15 months (approximately a year and six months) to accumulate. The area’s property prices are relatively low, though so are the average wages, with the average first-time buyer paying £108,612 in 2024.
Following Inverclyde is East Ayrshire, taking 18.34 months (just over a year and six months) in sixth place, followed by the City of Dundee, where it takes 18.42 months (nearly a year and six and a half months) to save.
West Dunbartonshire ranks as eighth easiest to save in, with an average first-time property deposit of £18,656 requiring 18.86 months (around one year, six months and 4 weeks) of savings for a couple on the average wage of £29,676 each.
Finishing off the top 10 are Na h-Eileanan, where it takes 19.25 months to save for a deposit, and Hartlepool, where it takes 19.38 months, both representing just over a year and seven months to save.
Commenting on the findings, Saif Derzi, Founder of Property Buyers Today said, “Scotland clearly dominates this list of most affordable places, but it is important to recognise why that is.
“Some of the top areas on this list are affordable because they are known to be struggling. For example, Inverclyde is home to Greenock and Port Glasgow, which were both found to be in the top 5% most deprived areas according to the Scottish Index of Multiple Deprivation in 2020. This is in part reflected by the low average wages.
“However, these areas still offer great opportunities for local couples and families looking to step onto the property ladder, especially given their proximity to larger cities like Glasgow, with stronger job markets. While Scotland evidently is easier to afford for residents, there are a few locations in the top 15 for English residents to look into and get their foot in the door.”
