Dundee is among the easiest cities in the UK to step onto the property ladder, but it could still take more than six years to reach that milestone.
New research has revealed the City of Discovery is in the top 10 easiest locations to save up for a deposit out of the country’s biggest 50 cities.
The research compared the average house prices with the average salary in each city to reveal how long it would take to save up for a 10% deposit.
With houses in the city costing £155,779 on average and Dundonians averagely earning £23,413 per annum it is said that it would take six years and eight months to gather the required amount.
However local estate agent Morton Simpson said, in his experience, savings could be made sooner and buying a property in the area is a sound investment.
Mr Simpson, the area property manager for Dundee and Angus at Thorntons Property, said: “Dundee has a fairly low average house price and pretty good salaries compared to other big cities so the findings don’t surprise me.
“What I would say though is the timing seems pretty long to me especially if there are two people going into the mortgage together. We seem to find that first time buyers do manage to get the money together a bit quicker than that.
“In saying that though, at the moment, we are seeing a lot more lenders looking for a 15% deposit so if you are thinking of buying a £100,000 flat then you need to find another £5,000.
“Within reason Dundee is a relatively safe place to invest in. The city has never really had big highs but it has also never really seen big lows meaning that if there is a crash in the economy home owners shouldn’t see too much of a change.
“Buying a home is obviously a lot cheaper than renting as well when you have got that deposit together so it is well worth doing. Even if you have to spend that little bit more at the start it is well worth getting on that ladder.”
The easiest place to buy in the UK is Liverpool, with those in the city expected to save up for four years and eight months.
Meanwhile, unsurprisingly, London comes out as the worst place to save up for a deposit with Londoners taking an average of 24 years and 10 months to get on the property ladder.