London solo savers face a 21-year wait for a 10% house deposit, study shows
A Checkmyfile study finds that a single earner in London would need roughly 21 years to save a 10% house deposit, far longer than in cheaper UK cities.
Checkmyfile’s analysis estimated how long individuals must save to reach a 10% house deposit in various UK cities, revealing that a lone saver in London would need around 21 years, based on an average property price of £729,318 and a deposit of nearly £73,000. By contrast, Hull and Stoke-on-Trent show saving times of about 6.3 years, while Brighton and Reading require 17.3 and 15.1 years respectively. For couples contributing equally, the timeline falls to roughly 10.5 years in London but still exceeds solo savers in cheaper areas.
The study also looked at other financial goals, finding a £22,000 wedding would take 12.5 years for a single Londoner and a £3,000 car deposit about 1.7 years. Natalie Vos, marketing manager at Checkmyfile, highlighted that the amount left after essential costs each month, rather than salary alone, determines how quickly people can meet such milestones.
Why it matters
It highlights the steep affordability challenges London homebuyers face, affecting financial planning for many.
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