Southern earners to save for a century getting on the property ladder

Southern earners to save for a century getting on the property ladder

According to alarming new figures compiled by HouseSimple.com, the average worker in Brighton earns £23,488, meaning they would need to save for 104.2 years to have a large enough deposit for an average priced property in the area (£350,222).

Faring only slighly better, an average wage earner on £27,394, would have to save for 55.1 years to afford an average priced property in Bristol (£274,280).

Property prices have rocketed in Brighton in the last 10 years, largely due to the influx of London commuters who have moved out of the capital for a better quality of life. But this has had a dramatic impact on local property prices.

While Brighton is at one end of the scale, prospects are a little brighter for people living in Hull, where average salaries are £24,248, and average house prices close to a third of the price of average property prices in Brighton, at £123,864. This means that an average wage earner in Hull would only need to save for 6.1 years to have enough for a deposit.

Similarly, in Bradford, with average house prices of just £124,051, and average salaries of £24,743, an average wage earner could have a large enough deposit after seven years, to afford an average priced property in the city.


HouseSimple.com has looked at average salaries and average property prices in 20 major towns and cities across the UK. Inevitably London, features high up on the list. While average salaries in London (£34,720) are higher than in Brighton, so are average property prices (£492,026). An average earner in London would have to save for almost 100 years (97 years) to afford an average priced property in the capital.

The figures have been calculated on the basis that savers could put aside 10% of their salary every year for a house deposit, and that the maximum mortgage loan they could secure would be four-and-a-half times their gross annual salary.

Alex Gosling, CEO of online estate agents HouseSimple.com, had this to say: “Affordability remains a major problem across the UK. Everyone knows that London is unaffordable for all but the rich or fortunate, but these figures highlight the plight of the average person looking to buy an average priced property in their local town or city.

The average wage earner is being priced out of their local property market, and without a serious influx of new properties coming onto the market, that’s likely to continue to remain the case.”

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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