The North East has topped a list of cheapest places to buy a home in the UK, with it taking an average of two years and six months for a couple to save an average deposit of £25,162 for a two bedroom room. For a single buyer looking to set up in that region, it would look four years and 11 months. Compared to London, a couple buying a two bedroom property would take roughly eight years to save up enough money for an average deposit of £82,352. Those buying on their own would have to save for 15 years and 11 months for the same deposit in the capital.
While a property in the capital would cost you £411,760 on average, this goes down staggeringly to £125,813 in the North East.
Elsewhere in the UK, a couple looking to buy a two bedroom home in Yorkshire and the Humber face saving for three years and one month for an average deposit of £31,487.
A single buyer would need to save for six years and one month for the same size property and deposit.
In the South West of the UK, a couple hoping to purchase a two bedroom home would need to save for four years and nine months to scrape together enough money for an average deposit of £48,861.
Saving on your own in the same area would take nine years and six months for a two bedroom home and same deposit.
While in Scotland, a couple would need to save for two years and 11 months to £29,571 together for a two bedroom home.
This increases to five years and nine months for a single buyer.
In Wales, a couple can expect to save for three years and one month to get an average deposit of £31,378.
A single buyer would need to save for six years and one month for the same size home and deposit.
The research from commercial finance experts ABC Finance is based on savers aged between 23 and 38 years old, saving for a standard two bedroom property based on a recommended monthly saving of 20 percent.
Gary Hemming, Commercial Lending Director at ABC Finance, said: “Buying property is without a doubt far more difficult for young people than it’s ever been, and house prices are far higher relative to the average wage than ever before.
“We’re in a unique position historically with both a shaky economy and a turbulent housing market making it almost impossible for young first-time buyers to take that initial step on the ladder.”
It comes as new research from Yolt revealed only two in five millennials see owning a home as a long term-financial goal.
Of this age group, only 64 percent are optimistic about achieving their future financial ambitions, compared to less than half (47 percent) of their Generation X predecessors and only four in ten (39 percent) of Baby Boomers.
List of regions, average house price (two bedroom) and average deposit
Average house price: £411,760
Average deposit (20 percent): £82,352
Average house price: £277,117
Average deposit (20 percent): £55,423
Average house price: £244,304
Average deposit (20 percent): £48,861
EAST OF ENGLAND
Average house price: £228,014
Average deposit (20 percent): £45,603
Average house price: £188,163
Average deposit (20 percent): £37,633
Average house price: £184,283
Average deposit (20 percent): £36,856
Average house price: £160,984
Average deposit (20 percent): £32,196
YORKSHIRE AND THE HUMBER
Average house price: £157,436
Average deposit (20 percent): £31,487
Average house price: £156,891
Average deposit (20 percent): £31,378
Average house price: £147,856
Average deposit (20 percent): £29,571
Average house price: £139,599
Average deposit (20 percent): £27,920
Average house price: £125,813
Average deposit (20 percent): £25,162