Issue 21Sept 2018

News Roundup

Salary needed to get onto property ladder increased by 18% in last three years

In a survey of house prices in the UK's 20 biggest cities, first-time buyers are needing to earn 18% more than they had to three years ago to afford their home.


According to the survey by Hometrack, homes are now 14.5% more expensive than 2015, and wages have only increased by 7.5%. Now, the average income to afford a home in the UK's 20 biggest cities is £53,000, increasing to £82,000 in London. 

Bristol and Manchester are also seeing an increase in income needed to afford a home, whereby prospective buyers now need to earn £58,826 to live there, compared to £34,770 in 2015. 

Birmingham, Nottingham and Leicester are following closely behind, with an increase of 23% in income needed to get on the property ladder there. 

London still remains the most expensive place to buy a home, with the average home costing £485,000. Liverpool is the most affordable place of the 20 cities surveyed, with an income of just £25,000 allowing you to buy an average home priced at £120,100. 

In Cambridge and Aberdeen however, the prices have dropped. In Aberdeen a first time buyer can now buy a home on a salary of £34,262, £5388 less than three years ago.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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