United Kingdom

The cities where first-time buyers save deposits fastest - and two where it takes 25 YEARS

First-time buyers in Vaduz, Bern and Copenhagen can save up for a home the quickest, according to a new report - while those in Zagreb and Monaco could have to wait a whopping 25 years.

The research by housebuilder Barratt Homes, which used statistics from the Numbeo global index, looked at how fast people could get on the property ladder in 47 major cities across Europe.

It divided the results by houses and apartments, and the figures were based on mortgages with a 10 per cent deposit. 

Monaco, where first-time buyers on an average wage could save for 25 years for a flat deposit

Monaco, the super-wealthy principality on the French Riviera, was the spot where first-time buyers would need to save the longest for a 10 per cent deposit on an apartment. 

The astronomical £285,742 deposit needed represented more than five times the average annual salary, and meant that buyers would need to save for more than 25 years.

First-time buyers in Monaco may be better off buying a house as, with a much lower average deposit of £42,522, saving would take them less than four years.

Monaco was followed in the apartment rankings by Rome, Italy, where first-time buyers would be saving for an average of nine years to raise a £28,211 deposit on their relatively low monthly income of £1,305. 

There, the average apartment deposit represented 180 per cent of the average annual salary.

Some of the cities where it would take longest to raise an apartment deposit, in months 

First-time buyers in London would need to save for more than six years for a flat deposit

London among least affordable cities for apartments 

London was the sixth least affordable city. The average deposit for an apartment was £53,659, and according to Barratt this would take more than six years for a first-time buyer to raise without additional help. 

The average time to save for an apartment across all the cities Barratt analysed was four years and nine months.  

Vaduz in Liechtenstein and and Bern in Switzerland were the two most affordable cities to buy a flat in, with first-time buyers able to raise a deposit in six and nine months respectively.  

The cities where first-time buyers can save for a 10 per cent house deposit the quickest 

When it came to buying a house,  first-time buyers in Copenhagen could raise a 10 per cent deposit in just over a year a half - the quickest of any city on the list. 

This was thanks to a relatively high monthly income and comparatively low house deposits. 

Zagreb in Croatia, where buyers would need more than 25 years to save for a house deposit

The average deposit of £26,000 is around 75 per cent of the average annual salary in Copenhagen.

Other cities where first-time buyers could save for a house in less than two years included Bern, Vaduz, Sarajevo in Bosnia and Herzegovina and Oslo in Norway.

Londoners can save for a house deposit more quickly than a flat, at just over four years 

... but those buying houses are better off 

London was the 15th most affordable place to save for a house, out of the list of 47. 

On an average salary of £2,819 per month, Barratt said a first-time buyer could save a £37,500 deposit in 51 months, or just over four years. 

This could be because houses in London are generally in more suburban locations than apartments, and are therefore cheaper.  

The average house price in the UK as a whole is around £256,000, which Barratt said was lower than 18 of the locations it analysed including European cities such as Brussels, Paris, and Berlin. 

The average cost of a house in these locations came in at £331,901, £499,641 and £271,332 respectively.

At the other end of the scale, Barratt found that those living in cities in Eastern Europe on lower monthly incomes would take the longest to save for a house.

This was because, despite average wages being comparatively low, deposits could be just as high as cities where people earned much more.

Saving for a 10 per cent deposit on a house in these countries will take the longest

In Zagreb, the Croatian capital, first-time buyers would need more than 25 years to save for a house deposit using their salary alone, for example.

Budapest in Hungry was the second least-affordable city for buying a house, as first-time buyers would need to save for more than 16 years.  

Best mortgages

Football news:

Ole Gunnar Solskjaer: Manchester United are waiting for three important weeks, matches with Chelsea, Leicester. We are confident in ourselves
Gattuso on Granada: If Napoli were killing time like this, we would have been smeared in the press
Dzeko is Roma's top scorer in European competitions. He scored the 29th goal and beat Totti
Mikel Arteta: We got to give them two goals. Would hate to fly out of the Europa League
Milan kicked 18 penalties for the season. This is the best result in the top 5 leagues in Europe
Man City can offer Borussia more than 100 million pounds for Holand and Reina. The club is exploring this possibility (90min)
Ajax have won 11 matches in a row. The last defeat against Atalanta in December