The Lancashire town named one of the UK’s best places to save for a house deposit

The study, conducted by UK mortgage broker SPF.co.uk, looked at average salaries, house prices, and deposit amounts in various areas to determine where residents could save for a deposit the fastest.

Aberdeen and Inverclyde took the top two spots, with the Lancashire town coming in third.

The study used the 50/30/20 budgeting rule, where 20 per cent of income is saved each month, to calculate how long it would take to save for both a 5 per cent and 10 per cent deposit.

In Burnley, it would take one year, nine months, one week, and four days to save for a 5 per cent deposit.

For a 10 per cent deposit, residents would need to save for three years, six months, three weeks, and two days.

Burnley has the lowest average house price on the list at just £108,048.

Residents would need to save £252.80 a month to achieve their desired deposit amount.

Mark Harris, chief executive of SPF Private Clients, said: “Buying a house is one of the most exciting purchases you can make, but it is also one of the most expensive.

“When you’re saving hard to buy your new home, it can seem as if there’s no end in sight.

“This list was created to give people a rough timeline of how long it might take to save for your deposit, and also to give an idea of where the best places to live are if you’re desperate to get on the property ladder quickly.”

Aberdeen was found to be the best place to live for those wanting to save for a house fast.

For a 5 per cent deposit, it would take residents in this area exactly one year, six months, one week, and four days to save.

For a 10 per cent deposit, it would take three years, three weeks, and two days.

Inverclyde ranked second, taking residents one year, eight months, one week, and three days to save a 5 per cent deposit.

The study highlights the areas in the UK where prospective homeowners can save for a deposit in the shortest time.