First-time buyers have to save for up to TEN YEARS to be able to afford a ...

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First-time buyers are taking more than ten years to save for a deposit in London and less than three years in Blackpool, according to a report.

The North South property divide is laid bare in the latest analysis by Post Office Money which shows the lengths people in different regions have to go to get onto the property ladder.

It shows that while the inflated housing market in the South might benefit existing homeowners, buying a property remains a distant dream for many people.

A report showing how long buyers have to wait to get on the property ladder highlights the stark North-South divide (file photo)

A report showing how long buyers have to wait to get on the property ladder highlights the stark North-South divide (file photo)

Despite recent falls in house prices in London and the South East, the report shows it now takes a first time buyer ten years and nine months to cobble together enough money for a £170,003 deposit on the average home - costing £538,132.

This assumes a household income of £79,834 a year, and an ability to save £15,681 a year.

In stark contrast, it takes just two years and nine months to save up for a typical £21,696 deposit to buy an average £110,000 home in Blackpool.

This assumes a household income of £40,053.

The second most unaffordable place to get on the property ladder after London was the Surrey commuter town of Guildford, where it takes nine years and seven months on average for first time buyers to save up a deposit.

Of the ten most unaffordable places to live for first time buyers, nine of them including Cambridge, Oxford, and Woking are in the South East. 

The exception is Bath and North East Somerset.

On the other end of the spectrum, all the most affordable places to buy a home were in the North, North West or North East - with the exception being Glasgow.

Across the UK, the average time taken to

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