You’ve probably noticed that there is a disparity between salaries and the cost of properties in the UK.
(If you’re one of the lucky ones with a bucket of cash lying around, you can stop reading now).
New data has revealed just how you need to earn to be able to afford a home in Britain – and it’s not great news.
The average cost of a house in the UK is £254, 630, which requires a yearly salary of £45, 664 – which is substantially more than the national average of £29,000 per year.
Findings by GoCompare also showed the difference in property prices across the country, including the most expensive city (London, of course) and the most affordable (Burnley).
Brace yourself – the average cost of a flat in the capital is £429,401 – meaning you’ll need to bring in £77,331 every year.
Meanwhile, over in Burnley, a salary of £18,032 will could see you get a detached house worth over £100,000.
If you get a promotion and a few more thousand per year, you could even buy yourself two flats worth £58, 895 each.
The most expensive cities to buy property in the UK – average house cost versus salary
London: £601,562 / £108,335 (for a house, specifically)
Cambridge: £499,429 / £89,942
Oxford: £483,097 / £87,001
Brighton: £461,102 / £83,025
Edinburgh: £360,434 / £64,911
The most affordable cities to buy a home in the UK – average house cost versus salary
Burnley: £100,128 / £18,032
Stoke-on-Trent: £109,450 / £19,711
Blackpool: £114,532 / £20,626
Barnsley: £119,803 / £21,575
Middlesborough: £121,171 / £21,822
It’s worth remembering that prices will also fluctuate depending on what type of property you choose – flat, semi-detached, castle.
As an example, an average detached home will set you back £354,729 and demands a salary of £63,883.
Meanwhile, a terraced house is much cheaper at £179,087 on average with a required salary of £32,381.
Although, it’s worth bearing in mind that the bigger the deposit you have, the more lenient your mortgage lender is likely to be.
Time to send in your application to The Bank of Mum and Dad.
Do you have a story you’d like to share?
Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.
MORE: What I Rent: Sophie, £500 a month for a one-bedroom flat in Birkenhead, Wirral
MORE: Here’s what you can buy for the average UK house price across the country
MORE: Woman gives her messy garden a complete makeover with just £450
source https://metro.co.uk/2020/09/04/this-is-how-much-you-need-to-earn-to-buy-a-property-in-the-uk-13222822/
Posts
0 Comments