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First-time buyers wait 11 years to get on housing ladder in Maidstone

It would take 11 years and eight months for a person earning the average wage in Maidstone to save up to buy a house, according to research by Coulters Property.

The company looked at the average salary in Maidstone, which is £26,645, and the average house price, which is £311,466, to calculate how long it would take an individual to save the 10% deposit usually required, based on the assumption they could save 10% of their salary.

It could be a long wait to get on the housing ladder
It could be a long wait to get on the housing ladder

The result placed the County Town 39th on a table of 50 large towns looked at by the company across the country.

Your best hope of quickly buying a home turns out to be in Liverpool, where although the average wage is only £23,314, but the average house price is just £109,520, with Coulters estimating that buyers there would be saving for their deposit for "only" four years and eight months.

Perhaps, not surprisingly, London proved to be the toughest place to get on the housing ladder.

The average wage there is £31,114, but the average house price is an astronomical £771,903, meaning you could be saving for 24 years and 10 months just to save the deposit.

The research did not cover any other towns in Kent.

Mike Fitzgerald, the executive chairman at Coulters Property, offered this tip: "If you’re a first time buyer aged 18 to 39, open up a Lifetime ISA as you could get up to £32,000 from the Government towards your home."

You can view the full research here.

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