Average Waltham Forest worker needs to save for over 20 years to afford detached home deposit

Showcasing the capital’s housing crisis, Waltham Forest’s lengthy saving time of 20.26 years still ranks as the sixth lowest in London

A Waltham Forest resident earning the local average wage would need to save up for over 20 years in order to put down a 10% deposit for an averagely priced detached home in the borough.

A study by Cala Homes considered how long it would take the average worker to buy a home in their local authority area while saving 10% of their earnings each month. The findings reveal a single Waltham Forest resident looking to buy in the borough and earning £747.60 would need to save up for 20.26 years to afford a 10% deposit on the average £787,500 detached home. 

The research also showed that London’s average saving time for a detached home deposit was close to four decades (37 years and 183 days), and that there is approximately 112 years difference between the quickest and slowest area in the capital. Barking and Dagenham had the lowest saving time at just over 14 years, while Westminster had the highest of the lot – a whopping 146.06 years. 

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.

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“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.”

In more relieving news for prospective home-buyers, house prices in Waltham Forest dropped more than the London average in May, according to figures from the Land Registry. House prices in the borough reportedly dropped 1.7% compared to the London-wide drop of 1.2% while prices across the UK as a whole stayed stagnant.

Despite the drop, Waltham Forest remains one of the fastest growing house markets in the capital. Last year, for example, the average sale price of a Waltham Forest property rose by £19,000 – the eighth highest local authority growth rate in the capital. 

To see the full study findings from Cala Homes:

For more information about Deposit Unlock:

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