THOSE saving for a first home could be in luck, as Southampton has been listed as one of the most affordable cities in England.

This is based on the number of years needed to save for a ten percent deposit using a Lifetime ISA (LISA), according to research by online wealth manager Nutmeg.

They found home ownership is an average of 4.8 years away for aspiring homeowners across the UK, but in Southampton, it takes an average of 4.2 years to save for a ten percent deposit.

This makes the city the 22nd most affordable city to put down a ten percent LISA deposit.

But it takes an average of 8.5 years to save for a house deposit using a LISA across Hampshire.

The study investigated how long it takes to put enough money away for a ten percent deposit and revealed that in the least affordable cities, it could take a first-time buyer with no previous savings over nine years to get together a deposit, including in London and Guildford.

To use the maximum Lifetime ISA allowance of £4,000, first-time buyers would need to put away £333 per month.

However, if planning to buy with a partner, sibling or friend, monthly savings decrease to £166.

The average lump sum needed for a 10 percent deposit in Southampton is £20,938, with the city’s average house price at £209,382.

Lisa Caplan, Nutmeg’s head of financial advice, said: “Many people dream of owning their first home. We know a house is the top investment goal for our customers, but it can seem unachievable.

"However, by putting some money away each month and making the most of a government top-up 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/.