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North-south divide for first-time buyers ‘never been so clear’

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Fri 10 Mar 2017

North-south divide for first-time buyers ‘never been so clear’

North-south divide for first-time buyers ‘never been so clear’

 

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.”

 

Region - Average Advertised Salary

London - £38,106

South East - £31,000

Scotland - £30,229

Eastern England - £30,124

South West - £29,562

West Midlands - £29,478

Wales - £28,977

Yorkshire & The Humber - £28,903

North West - £28,463

North East - £28,313

East Midlands - £28,184

 

Time to save 15% deposit for 3-bed house

Region, Date earned and Days to earn

 

Yorkshire and the Humber, 5 October 2017, 277 days

Scotland, 23 October 2017, 295 days

North East, 27 October 2017, 299 days

Wales, 31 October 2017, 303 days

North West, 18 November 2017, 321 days

West Midlands, 28 December 2017, 362 days

East Midlands, 12 January 2018, 377 days

South West, 1 June 2018, 519 days

Eastern England, 24 August 2018, 603 days

South East, 20 October 2018, 660 days

London, 9 May 2019, 859 days