The best cities for first time buyers in 2024

Data finds the average time it takes to save for a first home

Buying a first home and getting onto the property ladder is a milestone in many individuals' lives. Whether you're embarking on the journey alone or with a partner, family or friend, the occasion is momentous and deserves to be enjoyed through every step.

Our research has revealed it takes an average of just under 5 years (58 months and 18 days) to save for a first property in the UK. With ever-changing mortgage rates and the rising cost of living, this milestone can seem far away for many hopeful first-time buyers.

However, embarking on the exciting journey as a first-time buyer means you can look forward to your newfound freedom and future in your new house, and somewhere that you get to decorate and make your own.

Wayfair reveals the best cities for first-time buyers

We have pulled together the First-Time Buyer Index, which has identified the best and least attractive cities in the UK, based on the time it takes to save for a house deposit on average and the quality of life (QoL) We have also revealed the UK, European and Canadian cities where it will take residents the longest and shortest time to save for a house deposit.

Key findings: which cities should first-time buyers set their sights on?

• St Albans is the best UK city for first-time buyers, scoring 94.7 overall based on a high quality of life and being able to save for a house deposit the fastest, at 24 months and 27 days on average.
• Lisburn in Northern Ireland is the second-best city, scoring 75.7 overall and Stirling, Scotland, came in third with a score of 72.2, both with high quality of life scores and taking almost less than 3 years on average to save for a deposit.
• Copenhagen, Denmark is the top European city for first-time buyers wanting to get on the property ladder fast, with the average time taken to save for a house deposit being 12 months and 9 days.
• The Canadian city of Regina in Saskatchewan is the top choice for Canadians who want to buy a first home the quickest, with the average house deposit taking less than a year to save for (11 months and 24 days).

The best UK cities for first-time buyers

We have calculated a total score for each city to find the best in the UK for first-time buyers, by combining the average time it takes a single person to save for a house deposit with the quality of life.

The top ten reveals that six out of the ten best UK cities for first-time buyers are English cities.St Albans placed as the best UK city, with Coventry and Newcastle-upon-Tyne taking spots in the top five best cities in the UK for first-time buyers. Chester also ranked in the top ten for cities based on quality of life, with the highest score of all top ten cities.

Lastly, York and Lichfield placed ninth and tenth for the best cities in the UK for first-time buyers, offering quality of life scores of 199 and 166, and both taking residents less than 43 months to save for a house deposit.

St Albans is the overall best city in the UK for first-time buyers

St Albans has been named the best city in the UK for first-time buyers, with an overall score of 94.7. The city boasts a high quality of life score of 178, thanks to scoring highly (84.72) on the Health Care Index and Climate Index (87.4). The city also scored highly on the Safety Index (76.48), providing reassurance about the city’s low crime rate.

Lisburn is the second-best city in the UK

Lisburn has a high quality of life for residents, at 188 and also allows prospective first-time buyers to save for a house deposit in a lower average of 34 months. This means the Northern Irish city has a strong overall score of 75.7, placing the city second in the rankings.

With a car-free centre, it’s no surprise that Lisburn scored low on the Pollution Index, with a score of 26.41. The city also scored very high on the Purchasing Power Index, reflecting the affordability of local transport and groceries.

Stirling ranks as third for the best UK cities for first-time buyers

Stirling is the first Scottish city to enter the top three with an overall score of 72.2. Stirling is located centrally between Glasgow and Edinburgh and is known for its history and culture, which scored the city a quality of life score of 189.

Stirling received a high score for both the Purchasing Power Index (129.7) and Health Care Index (78.98), indicating affordability and an efficient healthcare system. First-time buyers can expect to be on the property ladder in just over 3 years on average (36 months and 12 days).

The least attractive UK cities for first-time buyers

Buying a first home is an exciting new chapter, however, it’s important to consider a range of factors. To find the least attractive UK cities, we ranked the lowest scores based on quality of life and months it takes to save for a house deposit.

London receives the lowest score for cities to buy a first property in the UK

England’s crown jewel, London is the lowest scorer in the list of UK cities with a score of 35.6, due to a surprisingly low quality of life score of 140 - the lowest of all the UK cities analysed within the data.

London ranks high on the Cost of Living Index with a score of 82.01 and the Property Price to Income Index with 15.15 due to the unaffordability of property in the city. First-time buyers will also be waiting a while, with the average time taken to save for a deposit being 92 months and 18 days (almost 8 years).

Nottingham is the second-least attractive cities for buying your first property in the UK

Known for being the home of Robin Hood, Nottingham received the second-lowest overall index score of 38.3. The low score is reflected by the city's quality of life score of 165, however, this is higher than in London.

The city’s low Safety Index score of 37.12 and high score for the Traffic Commute Time Index (60.00) and Pollution Index (83.00), highlight high traffic volumes and low air quality. Also, it takes longer than in London to save a deposit, with an average of 93 months and 3 days.

Southampton is in third position for the least attractive UK cities for buying your first house

Southampton received the third lowest score in the ranking for the best cities to buy a property, at 39.3 overall. Despite this, the port city has a quality of life score of 170, higher than London and Nottingham.

With a Climate Index score of 88.63 and a low score on the Traffic Commute Time Index, residents benefit from more moderate weather and less commuting time than London and Nottingham. Portsmouth’s low score for the Property Price to Income Index (6.95) is reflected by the slightly shorter time to save for a deposit, at an average of 90 months and 18 days.

The ten UK cities you can save a house deposit the fastest

The data has revealed the top ten cities in the UK where you can save a house deposit the fastest, based on the average house deposit and residents’ average monthly savings. An impressive six out of ten cities are those in England.

St. Albans is the UK city where you can save for a house deposit the quickest

St. Albans, in the East of England, claimed first place for the most buyer-friendly UK city in terms of saving for a house deposit the quickest. The average property price in the city stands at £575,706, making the average deposit £52,682, which typically gets you a 100m2 property.

In terms of affordability, the average household income in St. Albans is £61,612, meaning that with the average cost of living being £811.50 in addition to the average 43% Debt to Income (based on monthly salary), it leaves those in St. Albans with high average potential monthly savings of £2,115.

This means it would take residents only 24 months and 27 days to save for the total house deposit sum needed for a property in the area - the fastest in the UK.
Alongside saving for the deposit, the high monthly savings ability also helps first-time buyers save faster for additional aspects of buying a first home such as home improvements and furniture.

Lisburn, Northern Ireland is the second-fastest city in the UK to save for a house deposit

The Northern Irish city of Lisburn takes the second spot for the first-time buyer-friendly cities in the UK. In Lisburn, one person has potential savings of £940 a month.The average home price is under half the average of St. Albans, at just £215,464, despite the property size being almost the same at an average of 98m2. To afford this, someone living in Lisburn can save for just 34 months before getting the keys to their first home.

Stirling in Scotland claims third place for the most buyer-friendly city in the UK

Scottish city Stirling takes third place on the list. Known as the "Gateway to the Highlands", Stirling offers picturesque landscapes and proximity to both Glasgow and Edinburgh, eased by great transport links. The average house price in the area is £251,544, with an average size of 97m2 A deposit for a property in the city can be saved in just 36 months and 12 days, thanks to the average house deposit being £39,691.

UK cities where it takes first-time buyers the longest to save for a house deposit

The research has also revealed the top ten cities in the UK where first-time buyers will save a house deposit the slowest. Nine out of ten cities are in England, with Nottingham taking the top spot.

Nottingham is officially the UK city where it takes the longest to save for a house deposit

Nottingham, located in the East Midlands, is a bustling town known for its history and lively city centre. The average property price in Nottingham is £192,343, the lowest price in the top ten. However, with a lower average household income (£25,297), and the cost of living being £813.30, this means Nottingham locals can only save an average of £388 a month despite the average house deposit standing at £36,139.

It would take 93 months and 3 days on average to save for the full house deposit - the slowest rate in the UK.

The English capital takes second place in the slowest cities to save for a house deposit in the UK

London, known globally as the home to the Royal Family and Big Ben, is the second slowest in the list for saving a house deposit in the UK. Commonly known as the most expensive city in the UK, London would take an average of 92 months and 18 days to save for a deposit.

Despite having the highest average annual household income in the ten slowest cities of £47,301 due to the cost of living, which is a staggering monthly total of £1,070.80, Londoners can only save £1,176 per month on average. The average deposit price in London is £108,848 for a modest 47m² with a London home costing £523,376.

Southampton ranks third worst, taking over 90 months to save for a house deposit

The average house price in Southampton is £240,777, with the average deposit totalling £59,075. For this, buyers can expect an 84m2 property, the third smallest size in the top ten. As annual household income is low (£30,810) and the cost of living is high (£811.50), it would take those in Southampton 90 months and 18 days on average to save for a house deposit.

Top 10 European cities where first-time buyers can save a house deposit the fastest

The data has revealed the top ten cities in Europe where you can save a house deposit the fastest, based on the average house deposit and average savings that residents can save each month. Germany claimed the most spots with four cities named in the list including Dortmund and Bremen, however, it was the Danish Capital that was crowned the fastest European city where residents can save for a house deposit in just over one year.

Copenhagen is the city in Europe where you can save a house deposit the fastest

Copenhagen, the most populous city of Denmark, which offers contemporary living, has been labelled as the European city where locals can save a house deposit the fastest. Despite the high cost of living of €1,143.67 on average a month, the significantly high average household income of €83,640.00 enables those in Copenhagen to save €2,829.23 a month. This means it will only take 12 months and 9 days to afford a house deposit, which on average costs €34,845.67 for a 160 square metre property.

Zaragoza is the European city where you can save a house deposit in less than 2 years

Zaragoza, located in the Spanish region of Aragon, is the second city on the list of the fastest European cities to save for a house deposit for first-time buyers, taking 21 months and 6 days. In Zaragoza, the household average income is €35,026.00 and the average property costs €201,578.

Dublin is the third-fastest European city to save for a house deposit for first-time buyers

The Irish capital Dublin, has been named the third fastest city in Europe to save for a house deposit as a first-time buyer, where it can take 21 months and 18 days on average to save for a house deposit. Average property prices remain moderate at €330,000, which would buy a property of respectable size of 100 square metres. With an average deposit price of €33,000, Dublin residents could get on the property ladder relatively quickly by saving €1,530 a month, thanks to an average household income of €55,149.

European cities where it will take the longest for first-time buyers to save a house deposit

The data also uncovers the European cities where it will take first-time buyers the longest to save for a house deposit. Three capital cities claimed the top three spots in the ranking, all taking over ten years to save for the total sum of the average deposit in the respective city.

Brussels is the European city where it will take first-time buyers the longest to save for a house deposit

Brussels, the Belgian capital, is officially the European city where it will take first-time buyers the longest amount of time to save for a house deposit - 160 months and 21 days (over 13 years).

Stockholm takes second as the European city taking first-time buyers the longest to save for a deposit

The Swedish capital, Stockholm, is second in the European ranking for first-time buyers saving for a house deposit. The average saving period stands at 144 months and 12 days, equating to just over 12 years.

Madrid is the third slowest saving city in Europe for first-buyers

Third in the ranking for the European city where it will take the longest for first-time buyers to save for a deposit, is the Spanish capital Madrid. In the city it will take a total of 132 months and 12 days to save the full sum for a deposit - 11 years.

The Canadian cities where first-time buyers can save for a house deposit the fastest

The data has revealed the top ten cities in Canada where you can save a house deposit the fastest, based on the average house deposit and residents' average monthly savings. The Quebec territory dominated the ranking with five cities named in the list including Gatineau and Quebec however, it was Regina, located in the Saskatchewan region that was crowned the fastest Canadian city where you can save for a house deposit, taking just under one year.

Regina is the top Canadian city where a deposit can be saved the fastest for first-time buyers

Regina, located in the Saskatchewan territory of Canada, has been named the top city in Canada where you can save a house deposit the fastest as a first-time buyer. In Regina, it will take less than a year (11 months and 24 days) for locals to save up for a deposit, allowing first-time buyers to get the keys to their new home keys the quickest.

Edmonton is the second-fastest Canadian city to save a house deposit

Edmonton, known as "Canada's Festival City", is the second-fastest city in Canada for first-time buyers to save for a house deposit- taking an average of 13 months and 3 days in total.

Winnipeg takes the third spot for the fastest Canadian city to save for a house deposit as a first-time buyer

Winnipeg, a culturally diverse city located within the Manitoba territory, is the third-ranked city for the fastest Canadian city to save for a house deposit. In Winnipeg, it takes 13 months and 12 days on average to save for a house deposit as a first-time buyer.

The Canadian cities where it will take the longest for first-time buyers to save a house deposit

The Canadian cities where it will take the longest to save for a house deposit as a first-time buyer have also been revealed. British Columbia and Ontario dominate the ranking; the top three cities that take the longest to save in are in British Columbia with the top being Vancouver at 298 months and 6 days on average, and Ontario having seven cities in the top spots, including Oakville taking 220 months and 18 days.

Three British Columbia cities, including Vancouver, take the longest for first-time buyers to save in

Vancouver, Burnaby and Richmond are the cities in Canada where it will take first-time buyers the longest to save for a house deposit. In Vancouver, it will take an average of 298 months and 6 days, whilst in Burnaby it will take 270 months and 6 days, and finally, in Richmond, 262 months and 15 days.

The average property price for all three cities is $1,349,985, making the average deposit price $269,997. In Vancouver, the average household income is slightly higher than the other two at $60,600, as the cost of living in Vancouver is $1,972.95, it would take those in the city 298 months and 6 days of saving the average saving sum of $906 to afford a property in the area.

In Burnaby and Richmond, the average household salary is $58,300. However, in Burnaby the cost of living is slightly higher at $1,769.85, resulting in a longer period (270 months and 6 days) to save than in Richmond.

Wayfair is here to make your new house feel like home

To put your own stamp on a new property, there are plenty of furniture options from sofas to dining tables to kitchen chairs or divan beds. For a more cosy feel, we recommend adding soft rugs and plush cushions, not forgetting lighting to create the perfect ambience in your new house.

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Methodology

We identified the average salary in each UK, European and Canadian city minus the Cost of Living and the 43% Debt to Income Ratio, to calculate how much income one person can save per month. We compared this to the average house price and deposit to identify how many months and days it would take to reach the average house deposit in each city.

For the best cities, we looked at the average time taken to save for a house deposit combined with the Quality of Life (QoL) in the UK and Europe, and Livability in Canada. We then weighted these factors and ranked each city to find the best cities - UK only, Europe Only and Canada Only.

Sources:

• Average Salary - ONS UK, Nisra, Statistics Canada, Global Data, De Statis, CSO.ie, Statista
• Cost of Living - Numbeo, Area Vibes
• House Prices - Land Registry, CSO.ie, Properstar
• House Deposit - Statista, Canada.ca, Info Finland
• Quality of Life - Numbeo
• Livability - Area Vibes

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