The most affordable cities in the UK for first-time buyers where it takes only 7 months to save a deposit

They are among the top 14 most affordable towns and cities where first-time buyers can save a five per cent deposit in under a year, without having to move home with mum and dad.

Removals company comparison site, Compare My Move, crunched the numbers based on regional incomes for 22-29 year-olds, rents for a bedroom in a shared house and expendable income.

They found that it would take just seven months to save a five per cent deposit for a home in Burnley, which works out at £3,479, while you rent.

Renters in Dundee would be able to save the £4,999 needed for a home in just nine months, while those in Hull would need just nine months to save the £4,925 deposit.

Tenants in Sunderland, Blackpool, Liverpool and Glasgow could also get on the property ladder within 10 months.

The worst hit areas are those where high rent prices and living costs, matched with higher-than average house prices make for a long wait for savers on the average regional wage.

In the bottom spot is Oxford, where young first time buyers would need five YEARS and eight months before they'd save enough for a five per cent deposit.

At the same time, depressingly they would have spent a whopping £38,420 on rent while they saved.

Renters in Cambridge would need four years and nine months before they raised the £18,517.18, while it would take those in London and Reading three years and seven months to tuck away £21,000 or £13,715.92 for the minimum 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 20's to save up a deposit".

These are the homes worth up to £120,000 that single first-time buyers can afford to purchase on their own without a deposit.

Have you recently got the keys to your first home? Why not share your tips on how you did it by featuring in our My First Home series.

This week, we caught up with Stephen Nicholls, 27, and Maria Merricks, 30, who bought £270,00o three-bed home 85miles from their dream location to get on the property ladder.

What help is out there for first-time buyers?

Help to Buy Isa – It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.

Help to Buy equity loan – The Government will lend you up to 20 per cent of the home's value – or 40 per cent in London – after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.

Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.

Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.

"First dibs" in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.

Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.

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