How long does it take to afford a deposit in London?

If you have been saving up to buy your own home in the capital you might already have a saving plan to make sure that you’re on track. 

One part of buying your house is making sure you have the deposit ready in place. 

However getting a deposit can be harder than it sounds, especially with London house prices. 

House prices across London boroughs vary wide and high with the lowest in Barking and Dagenham at £450K on average and the most expensive in Westminster at £6.5 million. 

With house prices ranging so much, the length it takes to afford a deposit can be drastically different. 

Saving for a deposit can be hard task. (Image: PA)

Now a new study by Cala Homes has revealed just how long it would take a single person to save for a 10% deposit for the median house price in the same area.

How long does it take to save for a deposit in each London borough?

Cala Homes based the data on a person saving just 10% of their salary, to account for bills, rising costs and other outgoings.

The research from the group found bad news for hopeful homebuyers as an average saving time of nearly four decades (37 years and 183 days) for a detached house deposit.

The full list of how long it takes for a deposit in each London borough 

Barking and Dagenham offered the shortest time to save for a 10% deposit at 14 years and 22 days for a £450,000 median detached house price, or 7 years and 11 days if purchasing with someone else.

Whilst the longest time to save up in Westminster where even a reasonably high median salary of £855.80 isn’t enough for the £6.5m median detached house price in this area.

The area predicts that saving just 10% of this median salary would mean waiting 146 years and 22 days until you had enough for just the deposit.