Sunderland has been revealed as the UK city where first-time buyers can purchase a property in the shortest period of time.
In Sunderland, locals can save up for a down payment in under seven years according to personal finance comparison site finder.com.
This is 10 months sooner than anywhere else and over 18 years quicker than in the capital.
This area is the best for first-time buyers as residents earn more than those in others in the study whilst also seeing the lowest average property price of £127,500.
London is the city where it takes the longest to get on the property ladder, with locals having to save for almost 25 years to afford a down payment.
Despite earning 28% more than the average salary in the study, Londoners face property prices that are almost three times the average for UK cities.
The research from finder.com compared the average salary in the UK’s 35 largest cities with the local house prices to work out how many years it would take a first-time buyer to afford a typical down payment, assuming they save 15% of their disposable income each month and don’t receive any financial help.
Across the UK, the research found that city dwellers can expect a wait of 12 years to get on the housing ladder.
A down payment amount is most commonly set at 16% of the property’s value, which means an individual would need to save £40,800 in order to purchase a house worth the UK city average of £254,900.
Belfast, Hull and Bradford are also cities with the quickest timelines for first-time buyers, whilst Brighton and Oxford are among some of the most difficult areas for prospective homeowners.
Jon Ostler, chief executive at finder.com, said: “This research hits home the point that having a relatively high wage or living in a city with low house prices doesn’t guarantee a short wait to get on the property ladder.
“If you are planning to move to a new city, or are open to the idea, then it is certainly worth looking at how long your saving period would be in a few different areas.”