It takes an average-paid worker more than 10 years to save up deposit to buy house in Milton Keynes, research shows

Coulters Property has looked at 50 of the biggest cities across the UK and compared the average house prices with the average salary to reveal how long it would take to save up for a deposit.

The average house price in Milton Keynes is £302,887, for which the amount required for a 10 per cent deposit is £30,289.

But the average salary is £28,702, meaning it takes 10 years and seven months to save up for a deposit, say Coulters.

Mike Fitzgerald, executive chairman at Coulters Property said: “Buying a house can be a stressful time and there are many hidden costs. Homeowners often find themselves forking out for things which they had no idea about when starting out on their house hunt."

He has put together some insider tips on how to manage and save money when buying a house. He says:

* If you’re a first time buyer aged 18-39, open up a Lifetime ISA as you could get up to £32,000 from the Government towards your home.

* Work out how much the ‘hidden’ costs are going to add up to, for example mortgage arrangement fees, valuation fees, stamp duty, surveys, home repairs and removal costs. This way you have no surprising bills to pay.

* Ask as many questions as possible and anything you think might be important ask for in writing. Questions such as ‘How long has it been on the market?’, ‘Why are they selling?’, ‘When was it last rewired?’

* Know how to spot deal-breakers. For example, look for damp spots, cracked ceilings, inspect the plumbing, ask to turn the boiler on and off and ensure locks are up to insurance standards.

* Check the council tax band of the house before you put in an offer. Otherwise this could be a surprising additional cost each month.”