Brits Need to Save for 10-20 Years for Mortgage Deposit

The latest research by savings and investment website, InvestorBee, revealed that Londoners have to save for 19 years to get enough money for a mortgage deposit.

According to the company's data, an average salary of a Londoner now stands at just over 45,500 pounds, whereas an average deposit required by mortgage lenders typically amounts to 20% of the property value. An average house in London is priced at 430,000 pounds.

Usually, Brits can afford saving 10% of their annual salary, which means that saving 86,000 pounds takes slightly more than 19 years.

In other UK regions the situation is not that bad, but it is not bright either. As such, in other English cities, it takes Brits 10-11 years to save for a deposit, while in Wales and Scotland it takes them almost 14 years. Northern Ireland citizens can save for a deposit in almost 12 years.

Commenting on the findings, Graham Mannion of InvestorBee, said: “Although the percentage of salaries being saved across the UK varies greatly with both region and gender, it’s encouraging to see that, even with the current economic crisis, many people are still managing to save money each month.”

 

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