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Buying a home is still the top dream for most young people in Britain today, with many working hard to save their deposit. However, it takes time, and with the rollercoaster of property prices, it could be taking longer than expected.
You may have seen in the news recently that it could take decades to save up for a deposit in certain places across the UK. It will come as no shock to many that a couple with the average household income could save for 40 years and still not have enough of a deposit of a high enough income to afford the average two-bed home in 21 out of 32 London boroughs.
This is also the case in places such as Brighton and Cambridge, and even in more affordable areas such as Reading taking couples 23 years to save a deposit.
However, there are more affordable places to live – and you don’t have to move far away from London! Gravesend is becoming a hotspot for those wanting to live in commuting distance to London, with access to great schools, and all the facilities young professionals and families need, as well as affordable housing.
In fact, a couple could save for a deposit for a two-bedroom house in Gravesend in a more realistic 13 years and 5 months.
Compared to London, it is in reach! But remember, that is based on a couple just saving 10% of their combined salaries per month. By making a few simple lifestyle changes, and saving 20% per month, it could half the time it takes.
From downsizing your rent, using a good savings account and ISA, putting your holiday plans on hold, and cutting down on your spending can put more money in your pocket and save that deposit even faster.
To discover more about Gravesend, and why you should be purchasing your next home in the area, contact Aston Anderson today.