Home buyers need to save for 27 years for a deposit in this London borough

 
Helen Cahill
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People living in Camden have to save for the longest to buy a home in their area (Source: Getty)

Home buyers need to save for as long as 27 years to get a deposit for a new house in some parts of London.

According to data from Moneysupermarket, this is how long aspiring homeowners in Camden have to wait if they earn an average salary for the area.

Read more: Revealed: The London boroughs where house price growth is still above 20pc

Camden homeowners need to save an average £490,738, which amounts to a deposit of 56.6 per cent.

In Kensington and Chelsea, a couple with the average combined salary for the borough (£147,9180) would have to wait 23 years before they had enough for a deposit on a home.

Average house prices in Kensington and Chelsea are £1.3m, and people buying in the area typically put down a 52 per cent deposit, meaning they have saved £688,772.

The analysis by Money Super Market looked at 441 local authorities across the country, and London boroughs made up 16 of the top 20 spots requiring the biggest deposits relative to local average salaries.

Local authority Average deposit Deposit percentage
Kensington & Chelsea £688,772 52
Westminster £554,995 54
Camden £490,737 56
Hammersmith & Fulham £346,866 45
Haringey £285,195 51
Hackney £264,503 48
Islington £255,767 38
City of London £254,317 33
Lambeth £242,800 33

Kevin Mountford, banking expert at Moneysupermarket, said: "As house prices continue to rise, the dream of owning a home becomes harder and harder to reach for so many people.

"For those who want to take their first steps onto the ladder, reaching the minimum deposit levels required causes serious financial strain and, as our analysis highlights, many might be priced out of their desired area."