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Paisley is the top place to raise a property deposit while renting

Ryan Bembridge

July 30, 2019

Paisley in Scotland is the easiest location to rent and save before getting on the property ladder, MoneySuperMarket research has claimed.

In the town the average monthly rent is £351, typical salary is just shy of £25,000, while the average house price is £120,754.

The second-best location is East Kilbridge, third is Stoke-on-Trent, fourth is Hartlepool and fifth is Armagh.

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “While Paisley has proven to be the fastest place to raise a deposit, there are options across the country that won’t take a lifetime to save up for – even in London, where Croydon couples can buy a house within seven years of saving.

“Saving money for a home can be daunting, even where mortgages are more affordable.

“But you can take control of your finances more easily than you might think, by planning out how to save and looking at ways to cut back – as well as considering whether you could save up faster by moving somewhere with a higher salary or a lower cost of living.”

While London is known for being expensive and difficult to get on the ladder, the best area to rent with a view to buying is apparently Croydon.

In Croydon there is a median monthly rent of £949, annual salary of £29,304 and typical house price of £358,169. Second on the list is Bromley, followed by Bexley, Barking and Dagenham, and Sutton.

As it stands more than half (57%) of Brits feel that getting on the property ladder is out of their reach.


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