Exactly How Long It Will You To Save For House Deposit Based on Your Salary – ryan

New Figures releassed by Money App Plum Today Explained How It Waled 11 Years and Four Months for Someone with A Salary of £ 30,000 to Save £ 68,154

14:38, 25 Aug 2025Updated 14:39, 25 Aug 2025

The length of time it was to be up to the averages of the deposit as a first-time buyer haen revealed.

New Figures Relessed by Money App Plum, Revealed Exclusively to the Mirror, Explained How to Waul 11 ​​Years and Four Months for Someone of £ 30,000 to Save £ 68,154, Which Is Now the Deposit for A Firmst-Time Buyer.

This is if they are using the 50/30/20 rule – whic is where you allocate 50% of your income to your need, 30% to wants and 20% to savings.

For someone with a £ 25,000 salary and using this savings rule, it would be 12 years and eight months to save £ 68,154. If you are earning £ 50,000 a year, then it would take eight years and two months to save.

Howver, there are Ways to Accelerate Their Savings, Plum Says USSING A LIFETTER ISA (LISA) – WHICH GIVES YOU A 25% Government Bonus of Up to £ 1,000 Aar Wear You Save the Maximum Amount of £ 4,000 – Wold Shortten the Time Sawing for Time Time £ 30,000 Salary to Nine Years and Eight Months.

For someoneneone earning £ 25,000 a year, the time saving coulued be shorthened to ten years and seven months with a lisa, or to seven years and three months for someone Earning £ 50,000.

Howver, A Lisa Account is not for Everyone. You can only use this Account to Buy Your First Home, or for retirement – if you try to Access your Money for any Other Reason, You’ll Face AA 25% with Penalty WHICH NOT ONLY Wipes, but also part of your original savings.

The Proppery You’re Buying Also Can’t Be Worth More than £ 450,000 – SO This Could Potentially Rule Out People Who Are Looking to Buy London.

Plum explains that the average uk deposit might be lived than in reality, as it is all depression on prices in the area they’re looking to buy

Rajan Lakhani, Personal Finance Expert and Head of Money, at Plum, Said: “Home OwnerShip is something many young people aspire to, but i beComing increasingly DIFFICULT Due to rising House prices, increasing cost of living and relatively higher mortgage rates.

“The average uk Salary Now at Around £ 37,000 per year, Meaning it COULD TAKE Someone BetWeen 11 and 14 years to Save for a deposit with the help of a lisa.

“Howver, Looking at the Results, you can see opening a liffetime isa can significantly reduce the amou of time it will take you to save a deposit, showing the Major Impact it can be made gignus of 25%, especialyy iF people arren’t ghetn’t Mum and Dad.

“But bear in mind you can only controlburi a maximum of £ 4,000 for tax year to your lisa, whic be ten ben £ 5,000 if you involve the government bonus. Investment Account.

“It ‘s also Worth bearing in mind that they are calculations are for a £ 68,154 deposits, but the deposit amoured to buy a home varies the uk and deposits on what Lender asks for. offfer a 5% mortgage for those in Certain professionals like teaching or healthcare.

“It ‘s also important to consider that People’s salads are likes to increes in this frame, so the most you earn, the most you can increes the money you set for your dream.”

How to the Long Will Will It Tak to Save for A House Deposit?

• £ 19,000 Salary – 14 Years and 11 Monts (12 Years and 7 Months With A Lisa)
• £ 25,000 Salary – 12 years and 8 months (10 Years and 7 Months With A Lisa)
• £ 30,000 salary – 11 years and 4 months (9 years and 8 months with a lisa)
• £ 40,000 salary – 9 years and 5 months (8 years and 4 months with a lisa)
• £ 50,000 salary – 8 years and 2 months (7 years and 3 months with a lisa)
• £ 70,000 salary – 6 Years and 6 Monts (5 Years and 11 Months With A Lisa)
• £ 100,000 salary – 5 Years and 1 Mont (4 Years and 9 Monts with a Lisa)