Property buyers in Yorkshire take the least time to save a 15% deposit for 3-bed house compared to those in other parts of the UK, according to a research report published on Friday by job search engine firm Adzuna.
The report, as seen by IBTimes UK, added that house hunters in Yorkshire needed 277 days on average to save up such a deposit, which is lower than other regions in the UK. For instance, in Scotland, house hunters took 295 days to save a 15% deposit, while those in Wales took 303 days.
The report highlighted that Londoners, despite earning high salaries, took the most time to save up for a house deposit. This is due to surging prices of properties in the UK capital, which has made owning a property unattainable for many. Londoners would take an average of 859 days, which is about 2 years and four months to save up the said 15% deposit.
The study, conducted in February 2017, was based on data from average advertised pre-tax salary for each UK region and the average property prices in those regions.
Doug Monro, co-founder of Adzuna, said, "Never has the North-South divide been so evident. Far from being paved with gold, it seems the streets of London are now lined with unhappy house hunters, as real estate in the Capital moves further and further out of reach for most of us. Comparatively, employees in the North, especially in Yorkshire, benefit from far lower property prices, and despite the salary gap between North and South, may well get on the property ladder far sooner!"
The situation was found to be the same when it came to the rental market. Londoners needed more time to save up a year's rent for a 1-bedroom flat, when compared to their counterparts in Yorkshire. While Londoners were found to require 165 days, those in Yorkshire required just 61 days.
That said, the report was not all negative for people in the UK capital. Londoners can afford other luxuries such as a BMW X3 automobile or an all-inclusive holiday for one in Dubai or an average wedding much easier than other people in UK.
Commenting on the same, Monro said, "The higher salaries offered in London may well help city-based employees storm ahead when it comes to status symbols like cars, holidays and impressive events."