Few cities can match London when it comes to the combination of amenities and housing options. However, high prices can make it tricky for lots of buyers. It can mean some people need to save for years before they can buy. We want to have a closer look to see where it is easiest to save for a home. Then, if you invest and need guaranteed rent in Barking and Dagenham, we can arrange it.

A new study

Luckily, housebuilders Cala Homes had a look at this topic recently. Their study shows how long it would take an average person to save for a deposit in each London Borough. They looked at people saving just 10% of their salary if they made the median amount in the area. They then compare that to the median price for a detached home. It shows how long a single buyer would need to save.

The best area is Barking and Dagenham. This is one of the most affordable parts of the city. The median price for a house here according to the data is £450,000. So, if someone was to save 10% of a £615.40 weekly salary, it would take them 14 years and 22 days to save enough for a 10% deposit.

At the other end of the list is the City of Westminster. The median detached house price here is a huge £6.5m. While people in the area can expect one of the highest salaries at £855.80, it would be impossible for an individual to save for a deposit in their lifetime. It would take an astonishing 146 years and 22 days to save it.

The average according to the data is unrealistic for most people. Here it would take 37 years and 183 days to save up the 10% deposit. It is easier for investors, and they can get more benefits with guaranteed rent in Barking and Dagenham and other parts of London.

Reducing the time

The above study is quite an extreme look into the situation. Individuals could reduce the length of time it takes to save by saving a higher percentage of their salary if possible. Doubling it to 20% would halve the time.

They could also target more affordable housing. Detached homes typically have the highest prices because they are in shorter supply. It can be cheaper to buy an apartment, terrace, or semi detached property.

Another thing that can massively reduce the time it takes to save is to buy with someone else. Two people with the exact same salary saving the same 10% would half the time. So, in Barking and Dagenham it would be just 7 years and 11 days.

Do you want to choose guaranteed rent in Barking and Dagenham?

Investors who don’t need a mortgage or have a bigger deposit can have an easier time buying a property. However, they have other things to worry about. One of them is voids. These are periods without tenants where you won’t get any rent. They can be really problematic for your cash flow and returns.

We can provide the best service to help alleviate any worries here. With guaranteed rent you can agree a scheme with the local council. They will pay you the rent every month without fail. So, your income will be consistent with or without tenants.

You can learn more about guaranteed rent in Barking and Dagenham and other parts of London by calling us. We would gladly provide further details and then help with setting up if you proceed.