So how long does it take to get on the Sunderland property ladder?

Wednesday, 21st November 2018, 4:07 pm
Updated Wednesday, 21st November 2018, 4:15 pm

Sunderland is judged one of the quickest places nationwide for young home hunters to join the housing ladder.

New data suggests they can bank a £4,977 deposit for an average first-time buyers' property in just 10 months.

Only savers in three out of 50 of the United Kingdom's largest towns and cities - Burnley, Dundee and Hull - can obtain a similar five per cent deposit in less time.

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The research, completed by housing website Compare My Move, estimates that Sunderland house hunters would take around two years and four months to save the £14,930 needed for a 15 per cent deposit on an average £99,531 home.

This compares to the slowest and one of the most expensive places in the survey, Oxford, where first-time buyers take an average of five years and eight months to obtain the £17,701.69 needed to cover a five per cent deposit on an average £354,034 property in the spired city.

The figures have been calculated by looking at factors such as regional wages for 22-29 year olds - dubbed Generation Rent - realistic living costs plus other outgoings such as pension and student loan payments.

They estimate that people with an average take home monthly pay of £1,516.62 in Sunderland have disposable income of £541.69 after spending £338 on rent and £636.93 on living costs.

The data also suggests that Sunderland tenants spend an average of £9,464 renting properties while saving for a 15 per cent deposit.

Compare My Move co-founder Dave Sayce said: “Our research shines a light on the struggle many young renters face in getting together a deposit for their first home.

“In many cities it’s a race against rent to save a deposit as a prospective first-time buyer.

"In cities and towns where rent greatly outstrips the national average, it can take more than a decade for renters in their 20s to save up a 15 per cent deposit.

“It’s clear from our research that the Help to Buy scheme acts as an important catalyst for getting renters on the property ladder, and its extension to 2023 in the recent Budget will act as a lifeline to Generation Rent.”

Further details about the data can be found at https://www.comparemymove.com/house-removals/help-to-buy-mapped