New analysis ranks Enfield 17th among London boroughs for housing affordability when comparing with average wage levels
A single Enfield resident earning a typical local salary would need to save for more than 27 years to be able to afford a minimum 10% deposit for an average detached house in the borough, according to new analysis.
A study by Cala Homes looked at the median weekly salary in over 130 UK towns, boroughs and cities and worked out how long it would take a single person to save for a 10% deposit for the median detached house price in the same area.
Enfield has a weekly average salary of £695 and a median detached house price of £1m, meaning it would take someone earning this much 27 years and 244 days to save a 10% deposit.
In its ranking of London boroughs, Enfield comes out 17th for housing affordability when taking into account local wage levels. Barking and Dagenham was the most affordable, with a saving time of 14 years, while Westminster was unsurprisingly the least affordable, where an average resident would be relying on revolutionary medical breakthroughs to save for a deposit over 146 years.
The data is based on a person saving just 10% of their salary, to account for bills, rising costs and other outgoings. Across all of London, the average saving time is 37 years and 183 days.
These figures only represent how long it would take a single person to save for the full 10% deposit, so those that are buying with someone else could cut this figure in half.
Glenn Copper, sales and marketing director for Cala Homes, said: “Against the backdrop of a housing and cost of living crisis, some schemes such as Deposit Unlock could offer more people an opportunity to own a new home by giving them access to low-deposit mortgages. It could also help buyers to significantly reduce the time it takes to save for a new home, and it isn’t just for first-time buyers, the scheme is open to home movers and those looking to return to the market following separation or divorce.
“If you are currently paying money towards your rent and you would prefer to pay this towards buying a new home, then it could be worth exploring what Deposit Unlock could do to make buying a new home more affordable for you.”
To see the full study findings from Cala Homes:
Visit cala.co.uk/about-cala/cala-news-lifestyle
For more information about Deposit Unlock:
Visit hoa.org.uk/advice/guides-for-homeowners/i-am-buying/deposit-unlock/
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