Property prices in Britain are arguably out of control. While more and more Britons are struggling to buy a home across the country, the lack of supply has created a severe housing shortage and therefore boosted prices to record growth rates. just revealed that first time buyers need a minimum salary of £140,000 (£213,047) to even get on the ladder. Yes, that’s right – that’s quadruple the median average salary in the capital of just £30,338. Go Compare looked at the minimum first-time buyers need to earn to get a mortgage based upon a 90% mortgage with a standard 4.5% interest rate over 25 years. Go Compare used Net Salary Calculator and UK Salary Calculator to estimate gross annual salary figures. If Londoners, who are buying for the first time, wanted to buy a terraced house, the household would have to earn a combined salary of £142,000 a year in order to get on the ladder. Buying a detached property in the capital as a new property owner also seems completely unfeasible if Go Compare’s figures are anything to go by – the household would have to earn a huge £275,000.
Overall, Go Compare’s research said first time buyers need an average minimum household income of £50,000 to get a property in Britain at the country’s average house price of £184,682. But it isn’t just London that has seemingly unaffordable levels of housing – in 51 out of the 65 cities included in this research, the average salary is below the minimum required to buy a property. Oxford, Brighton, Edinburgh, and Bristol are the most costly cities to live in Britain after London. However, Blackburn, Hull, Blackpool, Grimsby and Stoke-on-Trent are the cheapest places to buy property because a £15,000 salary is enough to buy a flat. The data probably doesn’t seem like a surprise to those who watch the British housing market closely. The average price of buying a property in Britain is £284,000 ($431,874), according to the Office for National Statistics. But London is the worst. The average price for buying a property in London is now at £522,000 ($793,849).
It’s little wonder why the minimum salary to buy a property in London is so high because with a minimum 10% deposit, then stamp duty, plus being able to withstand the Bank of England’s loan-to-income ratio test, means households need to be super financially liquid. The BoE stress test makes banks only lend to customers who are able to stand a rise in interest rates and that the mortgage needed was no more than 4.5 times the salary. This week, the Royal Institution of Chartered Surveyors said in its RICS Residential Survey for Octoberthat UK house prices are expected to rise by 4.5% per annum over the next five years (a cumulative increase of around 25%). The chief economist at RICS said that property will become increasingly “unaffordable” during this time. So it looks like if you’re a first time buyer looking to get on the property ladder, it may be worth doing it as soon as possible because prices aren’t going to go down any time soon. If you want to see exactly where the most affordable place to buy a property in Britain is, then check out this chart:
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We are an eBay-approved company. You have the choice as a buyer or seller to use our site to find affordable quotes; all you have to do is enter the item number. Delivery through eBay is also available throughout Europe, not just the UK. and get a free quote today.You don't have permission to access /hotels/ Additionally, a 403 Forbidden error was encountered while trying to use an ErrorDocument to handle the request. data-chrome="noscrollbar transparent nofooter noheader noborders"> During office hours(Monday-Friday 08:30-17:00) +44 (0)1234 400 400 Outside office hours(Campus Watch) +44 (0)1582 74 39 89 Luton and Bedford Halls of ResidenceSee how our prices compare - £10 per week reduction for academic year 2016/17Download a full list of all options including breakdown of paymentsThe ‘cost of living’ is a phrase that’s rarely out of the news, and our wallets and bills appear to back up the claims that our household spending is on the rise.
The Office of National Statistics has taken a look back at the nation’s household spend for 2013 – and it shows that we did spend more than the year before. The average amount spent by each family was £517.30 per week – that’s £16 more than in 2012 after inflation is taken into account, and the second most expensive year since 2009. But we’re paying £22.50 less on average than we did in 2006. More than 50 % of our spending goes on four main categories: Food, housing & fuel, transport and recreation. In each of them we spent more than the previous year. • Housing (though not mortgage payments), fuel and power are our biggest costs, coming in at £74.40 a week. • Transport wasn’t far behind at £70.40, and a third of that was on petrol. • We hit a total of £63.90 on tickets, subscriptions, pets and other recreational purchases • Meat and fish make up more than a quarter of our £58.80 spend on food. If you want to see how your household matches up with the national average, you can use our Budget planner tool to quickly add up your spending.
Londoners don’t actually pay the most overall. It’s actually those in the South East, who spent an average total of £585.40 a week. That’s nearly £6 more than in the capital. The North East has the lowest average at £424.60, with Yorkshire not far behind with £431.10 and Wales with £438.80. Remove London and the North of England from the average figures and people actually spend more on getting from A to B than renting and heating their home. ‘Recreation and culture’ – which includes spend on TVs, computers, books, pets and leisure activities - is below the average of £63.10 in Scotland, Wales, Northern Ireland, the North, West Midlands and London, whilst the Welsh and East Midlanders spend the least on eating and drinking out and hotels. Families in the South East and Northern Ireland spend the most on a food shop at £63 a week. That’s £6 more than the UK average and nearly £14 more than people in the North East and Yorkshire. Those in the Midlands spend the least on clothing and footwear, £3 less than the national average of £22.60.