A first-time buyer in London who wants to have a 10 per cent deposit typically needs to raise around three times the amount of cash as someone offering a 10 per cent deposit in Scotland or some parts of northern England, according to analysis.
Nationwide Building Society, which carried out the research, estimated it could take someone in London nine years to raise a 10 per cent cash deposit — five years longer than some people trying to get on the property ladder in parts of northern England.
