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Scotsman
02-06-2025
- Business
- Scotsman
Scottish areas offer faster route to homeownership
Marinesea - A new study has identified Inverclyde as the best place in the UK to save for a house deposit, requiring just one year and six months to save enough money for the average down payment. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The research comes from the website Property Buyers Today, which analysed HM Land Registry's House Price Index and Office for National Statistics' Gross Domestic Household Income figures to determine where homeowners could save for a deposit fastest, while making manageable mortgage payments. Inverclyde topped the rankings with an average house price of £112,849, requiring a deposit of £11,285. With an average household income of £37,964, residents could save the needed deposit in just 17.8 months with the UK's lowest monthly mortgage payment of £627. Advertisement Hide Ad Advertisement Hide Ad Aberdeen City ranked second for deposit saving time at one year and eight months, with East Ayrshire coming in third at the same timeframe, but with lower monthly mortgage payments of £709 compared to Aberdeen's £783. West Dunbartonshire and North Ayrshire completed the top-five, both needing less than one year and ten months to save for a deposit, with monthly mortgage payments under £ the other end of the scale, the research said that locations in South-East England present nearly impossible saving scenarios for the average buyer. The district of Adur in West Sussex would require65 years and two months to save for a deposit, while Epsom and Ewell would take 57 years. London boroughs vary, with Kensington and Chelsea having the highest average house price at £1,120,654. Despite this large number, the area's high household incomes, averaging £193,156 per annum, mean residents can save for a deposit in two years and 11 months, but would face the UK's highest monthly mortgage payments at £6,229. Property Buyers Today took the average house price in each UK local authority and divided it by ten to find the cost of a typical deposit. It assumed a household has two average earners, and a savings rate of 20 per cent, to calculate the average amount of income a household could save in each area. Advertisement Hide Ad Advertisement Hide Ad This was used to work out the number of months it would take to save for the average deposit. For each local authority, an expected monthly repayment cost was also calculated. Saif Derzi, founder of Property Buyers Today, says: '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 South-East where saving for a deposit at current rates would take decades rather than years.
Daily Record
17-05-2025
- Business
- Daily Record
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.
Yahoo
10-03-2025
- Business
- Yahoo
UK households in 20 postcodes face one-off charge of £5,805 next month
20 locations where first-time buyers will have to fork out an additional £5,805 in stamp duty next month have been revealed. Stamp Duty Land Tax (SDLT) is a one-off payment you need to make when buying property over a certain value. The research, carried out by property information platform Property Buyers Today for The Sun, analysed the average property prices for first-time buyers across English local authorities. The list includes the Cotswolds, Bath, South Oxfordshire, Wokingham, Waverley, Guildford, Hillingdon and Hounslow. Hertsmere, Epsom, Surrey, Mole Valley, Enfield, Newham, Lewisham, Greenwich, Bromley, Tandridge, Sevenoaks, and Tunbridge Wells complete the list. READ MORE: DWP paying state pensioners who hit age 80 extra £101 a week READ MORE: First spring cost of living payments begin entering bank accounts READ MORE All the parts of England set to be spared snow this week as 14 counties escape At the moment, buyers of homes worth less than £250,000 don't pay any stamp duty. This limit was temporarily doubled from £125,000 in the September 2022 mini-Budget. The threshold for those buying their first property is £425,000 (when buying a home of less than £625,000), which was raised from £300,000 (when buying a home of less than £500,000), as part of the same mini-Budget. From I April the zero percent threshold will drop back to its previous level, and the first time buyers' threshold will revert to £300,000. The BBC explains house buyers often pay via their solicitors, but you can also pay directly online, or by cheque or cash in many banks. It is also possible to add stamp duty to mortgage loans and increase your debt to cover the cost of the tax, but you could end up paying significantly more in interest payments. Those who aren't first-time buyers will pay different rates depending on the value of their new home. If it's up to £250,000 thenno stamp duty is paid. For the next £675,000 (the portion from £250,001 to £925,000) - stamp duty is charged at 5%. For the next £575,000 (the portion from £925,001 to £1.5million) - stamp duty is charged at 10%. For the remaining amount (the portion above £1.5million) - stamp duty is charged at 12%.
