Scots area is UK's 'homebuyer's dream' where owners can climb property ladder in just 18 months
The best places to live in the UK if you are desperate to attempt to save for a house deposit have been revealed and seven of the locations are in Scotland
For most, buying their first home in the UK isn't easy. With soaring house prices and hefty deposits, it often feels impossible for first-time buyers to get onto the property ladder.
Purchasing a home is not only one of the biggest decisions anyone can make, but also one of the most significant financial commitments. There are several factors to consider when saving for a house, and it can take years to get to the amount you need for a deposit.
With this in mind, experts have now revealed the best places to live in the UK for those looking to save a house deposit quickly - and Scotland has landed on top.
Property Buyers Today have compiled a list of the top ten areas across the UK that are the ideal location for those who are hoping to climb the property ladder.
The property company found Inverclyde in Scotland to be the best place in the UK to save for a house deposit. With people in the area requiring just 18 months to save enough money for the average down payment.
By analysing data from the HM Land Registry's House Price Index and the Office for National Statistics' Gross Domestic Household income figures, the study looked at where people could save for a deposit the fastest while making manageable mortgage payments.
Seven out of the top 10 most affordable locations to save for a home are in Scotland.
Inverclyde takes the top spot, with an average house price of £112,849 and a required deposit of £11,285. With an average household income of £37,964 buyers can realistically save for a deposit in just 17.8 months, while facing the UK's lowest monthly mortgage payments of £627.
Aberdeen City and East Ayrshire followed closely, both requiring just one year and eight months to save for a house deposit. While the average house price in Aberdeen is £140,831, East Ayrshire is slightly less expensive with £127,521.
The average mortgage payment in Aberdeen averages at £783, and £709 in East Ayrshire.
Other Scottish regions in the top five are West Dunbartonshire and North Ayrshire, each needing less than one year and 10 months to save for a deposit, with mortgage payments in West Dunbartonshire being £690 per month and £723 per month in North Ayrshire.
Saif Derzi, the founder of Property Buyers Today, stated: "These findings clearly show the North-South divide in housing affordability, with Scottish locations offering a much faster path to homeownership.
"First-time buyers face a genuine struggle to get on the property ladder in many parts of the UK, especially in the Southeast where saving for a deposit at current rates would take decades rather than years."
"Relocating to more affordable areas like Inverclyde or Aberdeen could be life-changing for prospective homeowners, reducing the deposit saving time from potentially decades to less than two years," he concluded.
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