A new study has uncovered what it calls “striking regional differences” in the time it takes for solo homebuyers to save for a deposit across the UK.
The research comes after Mojo Mortgages witnessed a significant uptick in the number of solo homebuyers, with a 60% increase in the last year.
Below is a detailed breakdown of average monthly living expenses when renting with one other person:
| Region | Monthly Room Rent | Additional Bills/Outgoings* | Total Outgoings |
| London | £995 | £1,078 | £2,073 |
| South East | £741 | £1,088 | £1,829 |
| Scotland | £716 | £1,056 | £1,772 |
| East of England | £671 | £1,088 | £1,759 |
| South West | £664 | £1,088 | £1,752 |
| North West | £604 | £1,088 | £1,692 |
| Wales | £572 | £1,091 | £1,655 |
| East Midlands | £565 | £1,088 | £1,653 |
| West Midlands | £560 | £1,088 | £1,648 |
| North East | £550 | £1,088 | £1,638 |
| Yorkshire and Humberside | £556 | £1,076 | £1,632 |
| Northern Ireland | £573 | £1,048 | £1,621 |
*Other bills include council tax, water, gas, electricity, entertainment, insurance, transport, food shopping, recreation, clothing, vices, and health. As council tax can differ throughout the UK, this highlights the differing prices.
London remains the most expensive region for renters, with total monthly costs averaging £2,073, driven by high demand and limited supply. The average room rent in London stands at £995, nearly double that of the cheapest region, the North East, where room rent averages just £550. With other household bills and expected outgoings, the average person in the North East spends £1,638 per month, making it one of the cheapest regions in the UK for renters.
However, those in Northern Ireland have the lowest outgoings per month, with average living costs of around £1,621 per month—approximately 27% cheaper than in London.
By Mojo’s calculation, on average a solo buyer in the UK needs7 years and 3 months to save a 15% deposit. But this timeline varies dramatically by region:
| Region | Predicted Savings Per Month | Average House Price | Average Deposit (15%) | Time to Save for a House |
| East of England | £285 | £308,100 | £46,215 | 13 years, 6 months |
| South East | £394 | £308,100 | £46,215 | 9 years, 9 months |
| London | £582 | £436,475 | £65,471 | 9 years, 4 months |
| South West | £362 | £225,940 | £33,891 | 7 years, 10 months |
| West Midlands | £413 | £195,130 | £29,270 | 5 years, 11 months |
| East Midlands | £482 | £195,130 | £29,270 | 5 years, 1 month |
| Wales | £383 | £154,050 | £23,108 | 5 years, 1 month |
| North West | £385 | £154,050 | £23,108 | 5 years |
| Yorkshire and Humberside | £380 | £143,780 | £21,567 | 4 years, 9 months |
| North East | £348 | £112,970 | £16,946 | 4 years, 1 month |
| Scotland | £430 | £138,645 | £20,797 | 4 years, 1 month |
| Northern Ireland | £426 | £133,510 | £20,027 | 3 years, 11 months |
Solo first-time buyers can join the property ladder quickest in Northern Ireland. With an average house price of £133,510, buyers can save for their deposit in just 3 years and 11 months by setting aside £426 each month.
Scotland follows closely behind; those looking to buy an average-priced property can expect to save in about 4 years and 1 month, putting away approximately £430 monthly.
The North East offers a similar timeline with an average house price of £112,970, allowing renters to save for a deposit in 4 years and 1 month with monthly savings of about £348.
At the other end of the scale are the southern regions. In the East of England, renters face the longest saving period of 13 years and 6 months if they set aside £285 each month for an average house price of £308,100.
Similarly, those in the South East may need about 9 years and 9 months, saving £394 monthly for the same average house price. London presents its own challenges; despite higher salaries, first-time buyers face an average property cost of £436,475, requiring savings of £582 per month over approximately 9 years and 4 months.
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