The UK’s leading price comparison site MoneySuperMarket has revealed which locations in the UK provide the quickest route to becoming a property owner for those attempting to save whilst renting. Based on a variable deposit, the study used take-home salary, after the cost of living has been subtracted, to identify just how long it would take a couple to save up for a property in different locations.
With 57% of Brits feeling that getting on the property ladder is out of their reach, MoneySuperMarket has created an interactive tool to show where buyers can simultaneously rent and save for a property deposit, without feeling like they need to save for the next 10 years.
Not surprisingly, London is one of the most expensive locations in the UK to buy a house but with smart financial planning, it’s still possible to save up for a deposit.
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “Saving money for a home can be daunting, even where mortgages are more affordable. But you can take control of your finances more easily than you might think, by planning out how to save and looking at ways to cut back – as well as considering whether you could save up faster by moving somewhere with a higher salary or a lower cost of living.”
John O’Malley of leading Glasgow agent, Pacitti Jones, said: “Getting caught in the rental trap is a terrible situation for any hopeful first time buyer trying to save for a deposit. Whilst Glasgow as a whole offers great opportunities for aspirational homebuyers, both East Kilbride and Paisley are especially appealing due to the slightly lower rents and affordable house prices available. Furthermore, with significant new residential development underway in both of these locations, there are even more opportunities available for buyers looking to make a more comfortable move on to or up the property ladder.”
To find out the best way onto the property ladder in and around Glasgow with the best mortgage available, speak directly to the experts at Homebuyer Show Scotland this October.