WINCHESTER has been included in the list of the least affordable cities in England rankings for the number of years needed to save for a deposit, according to new research.

The figures from digital wealth manager, Nutmeg, finds the dream of home ownership is an average of 4.8 years away for aspiring homeowners, but in Winchester it takes an average of 8.5 to save for a 10 per cent deposit.

Hereford, St. Ives and Luton are the places that equal the overall average, where an individual first-time buyer will take 4.8 years to put away enough money for a 10 per cent deposit.

This number rises to over 9 years in two of the least affordable cities – London and Guildford, followed by Cambridge, Winchester and Oxford where it would take over eight years on average to get remotely close to getting on the property ladder.

Some of the more affordable cities include Leicester, Manchester and Sheffield, where it takes an average of 3.5 years.

Lisa Caplan, Nutmeg’s head of financial advice, said: “Many people dream of owning their first home, and we know that a house is the top investment goal for Nutmeg customers, but it can seem unachievable. However, by putting some money away each month and making the most of a government top-up available through a Lifetime ISA – your aspirations for home ownership might be closer than you think.”

For more information, visit https://www.nutmeg.com/nutmegonomics/how-long-will-it-take-you-to-get-on-the-property-ladder/