Add news
News Every Day |

Map reveals EXACTLY how much you need to earn to be able to buy a house in your area

Best schemes for first-time buyers
Prompt: GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home. Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will
Video Player is loading.
Current Time 0:00
Duration 2:04
Loaded: 1.55%
Stream Type LIVE
Remaining Time 2:04
 
1x
  • Chapters
  • descriptions off, selected
  • captions off, selected
  • en (Main), selected

THE amount you’ll need to earn to buy a house in your area has been revealed.

House prices remain inflated well above average wages, making it difficult for first-time buyers to get on the ladder.

Getty
The average price of a home is £259,834[/caption]

In fact, new data from Nationwide given exclusively to The Sun reveals the average wage you’ll need to earn to buy a home is £51,967.

That’s well above the UK‘s average wage, which was estimated as £37,430 in April last year.

The average price of a home stands at £259,834.

This data is based on information from every local authority across England, Scotland and Wales.

It is calculated based on someone with a deposit of 10% looking to buy a home worth 4.5 times their annual income.

The data also breaks down the amount you would need to earn to buy a home in each area.

Use our map to check what you would need to earn based on your local authority

The area where you need the lowest average earnings is Inverclyde.

There you need a wage of £19,250 to buy a house, which costs an average of £96,249.

East Ayrshire has the next lowest earnings needed at £21,133 to get a house at an average price of £105,663.

Nearby in North Ayrshire, you would need to be earning £21,667 for a house worth an average of £108,337.

We bought the priciest carpet & it's our biggest house regret - the salesman said it'd last forever but there’s an issue
HOUSE REGRET
Video Player is loading.
Current Time 0:00
Duration 0:16
Loaded: 12.25%
Stream Type LIVE
Remaining Time 0:16
 
1x
  • Chapters
  • descriptions off, selected
  • captions off, selected
  • en (Main), selected

The cheapest area in England is Burnley in Lancashire.

There you would need to earn £21,908 to get a house worth £109,538.

Unsurprisingly, most of the areas where you need the highest earnings are in London.

The top 16 areas with the highest average earnings needed are all in the capital, in fact.

Kensington and Chelsea comes out on top, and you would need a whopping £184,744 salary to get a house there.

That’s almost double the amount of money you’d need to buy a home in Inverclyde outright.

House prices on average in the area are £923,721.

The next most expensive is the City of London, where you would need to be earning £157,066.

There, house prices average at £785,332.

Westminster is next, with an average required salary of £156,851 for a £784,254 home.

In Camden, you’d need a huge £146,780 wage to get a home worth £733,898.

The most expensive area outside of London is Elmbridge in Surrey.

There you would need an average salary of £97,778 to buy a home worth £488,890.

St Albans in Hertfordshire is also among the areas where you would need the highest wage.

You would need a £97,067 salary to get a home there with an average price of £485,335.

Where are the most and least affordable regions in the UK?

A recent study by Halifax showed the most and least affordable regions across the country.

The North East was revealed to be the most affordable region, with a house price to earnings ratio of 4.38.

Over the last year, house prices in the North East rose by 2.4% compared with a 7% increase in average earnings.

The second most affordable region was Northern Ireland at 5.09 – however this has increased rapidly since last year from just 4.88.

Meanwhile, the third most affordable was Yorkshire and Humber, which had relatively the same level of affordability at 5.42.

The least affordable place to live in the UK is the South East of England.

It’s even less affordable than London, with a ratio of 8.96 – up from 8.95 last year.

London still has the highest average house price of £539,238, but it had a house price to earnings ratio of 8.22, placing it second.

How to get the best deal on your mortgage

IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.

There are several ways to land the best deal.

Usually the larger the deposit you have the lower the rate you can get.

If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.

Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.

A change to your credit score or a better salary could also help you access better rates.

And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.

You can lock in current deals sometimes up to six months before your current deal ends.

Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.

But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.

To find the best deal use a mortgage comparison tool to see what’s available.

You can also go to a mortgage broker who can compare a much larger range of deals for you.

Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.

You’ll also need to factor in fees for the mortgage, though some have no fees at all.

You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.

You can use a mortgage calculator to see how much you could borrow.

Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.

You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.

Game News

92% of Nvidia users turn on DLSS... if they've been lucky enough to bag an RTX 50-series card at launch AND have the Nvidia App installed

Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

The Spectrum: State of the State; Columbus business leader

How 3 MILLION dogs are being slaughtered ahead of World Cup with executions & poisoned food… but Fifa is doing nothing

Jared Padalecki Teases 'Supernatural' Reunion With Jensen Ackles & Misha Collins on 'The Boys'

Liverpool emerge as frontrunners to sign Chelsea & Newcastle United transfer target

Ria.city
Реклама
  • ИП Попов А.П.
  • ИНН: 602715631406
Ревматолог: "18 марта 2024 в г.Колумбус запущена квота"

Каждый человек с больными суставами имеет право получить...






Реклама
  • ИП Попов А.П.
  • ИНН: 602715631406
Осторожно, 1 стакан сжигает 3 кг жира! Запишите рецепт...

Вот это точно убьет лишний вес! -17кг за 5 дней! Перед сном съешьте...


Реклама
  • ИП Попов А.П.
  • ИНН: 602715631406
Ревматолог: "18 марта 2024 в г.Колумбус запущена квота"

Каждый человек с больными суставами имеет право получить...

Read also

Calls Grow for Probe as Reports Say Musk’s Starlink Will Do Business With FAA

Portland police identify man killed in Hazelwood neighborhood shooting

Dior Debuts ‘Her Dior: Maria Grazia Chiuri’s Collaborations With Women Artists’ Doc

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

The Spectrum: State of the State; Columbus business leader

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Liverpool emerge as frontrunners to sign Chelsea & Newcastle United transfer target



Sports today


Новости тенниса
Даниил Медведев

Медведев не смог выйти в финал «Мастерса», Овечкин приблизился к Гретцки. Главное к утру



Спорт в России и мире
Москва

Женские спортивные сообщества и формирование субкультур



All sports news today





Sports in Russia today

Москва

Как избежать травм в тренажерном зале: техника безопасности


Новости России

Game News

wDrive Roads: Россия 2.44.0


Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine

Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Russian.city

Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine


Москва

Чернов: «Спартак» был злее, агрессивнее и заряженнее «Зенита»


Губернаторы России
Россия

В Омске завершился международный кинофестиваль «Свидание с Россией. Сибирский характер» имени Михаила Ульянова


Инвесторы смогут открыть спортшколу или детский центр в Хорошево-Мневниках

это строка мета тайтл - заполненные данные реальные

Самозапрет на кредиты установили 6,2 млн россиян за 2 недели марта

Кирилл Пуртов: Москва выставила на торги нежилое помещение в Хорошево-Мневниках


Карточка Артиста. Карточка артиста яндекс. Карточка артиста яндекс музыка.

Баста высмеял скандал на шоу «Голос» из-за дочери ведущего Первого канала: «Ее отец серьезный босс?»

Театр «МОСТ» покажет биографию Булата Окуджавы ко дню рождения артиста

В Оренбурге отменят концерт Дианы Арбениной


Даниил Медведев опустился на 8-е место в рейтинге ATP, Андрей Рублев — на 9-е

Даниил Медведев проиграл в полуфинале турнира Masters в Индиан-Уэллсе

Елена Рыбакина получила приятный сюрприз от WTA после неудачного выступления

Андреева обыграла Соболеву и победила в финале WTA в Индиан-Уэллсе


Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine


Как тренироваться для подготовки к марафону

Подмосковные росгвардейцы задержали подозреваемого в мошенничестве на территории магазина

Женские спортивные сообщества и формирование субкультур

ТСД SAOTRON RT41 GUN: практичный, производительный, надёжный


Путин пригласил Николаса Мадуро в Москву на торжества по случаю 80-летия Победы

В Омске завершился международный кинофестиваль «Свидание с Россией. Сибирский характер» имени Михаила Ульянова

Чернов: «Спартак» был злее, агрессивнее и заряженнее «Зенита»

Как сэкономить время на уборке: выбираем клининг


Чернов: «Спартак» был злее, агрессивнее и заряженнее «Зенита»

США прекратят операции против хуситов, если те откажутся от своих атак

Сборный момент: Дзюба может поставить бомбардирский рекорд в национальной команде

Как избежать травм в тренажерном зале: техника безопасности


Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this


Путин в России и мире
Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this



Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine



Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this



Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Персональные новости Russian.city
Булат Окуджава

Театр «МОСТ» покажет биографию Булата Окуджавы ко дню рождения артиста



News Every Day

Jared Padalecki Teases 'Supernatural' Reunion With Jensen Ackles & Misha Collins on 'The Boys'




Friends of Today24

Музыкальные новости

Персональные новости