This is how long it takes to afford a deposit in every South East London borough
If you’ve been saving up to buy your own home, you will be fully aware that it’s a hard task and may already have a saving plan in place.
The essential part of owning a home making sure that you have a deposit ready in place.
But getting a deposit is easier said than done, especially with South East London house prices.
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 South East 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 South East London borough
Bexley is the quickest area to afford a deposit, with an average of 15 years to save up for a home that costs just under £640K.
Whilst Bromley will take you an extra six years to save with house prices set on average at £900K.
Greenwich and Lewisham are not too far apart with the two taking between 23 years and 26 years for deposits.
But out in front is Southwark, with a 35-year wait, making it 20 years longer to save compared to the lowest area of Bexley.
Read More:This is how long it takes to afford a deposit in every South East London borough