INCOME REQUIRED BY A FIRST TIME BUYER IN A UK CITY

July 3, 2019 by in category Mortgage News with 0 and 0

According to an analysis by Zoopla, first-time buyers need an average income of £54,000 to buy a typically-priced house in a UK city.

The amount those stepping onto the housing ladder must earn has increased by 9% in just three years because of the soaring cost of property, requiring a deposit on average of £38,000 .

However, despite this, first-time buyers accounted for the biggest number of home purchases in 2018 according to Zoopla. It focused its research on this group because it had been an important driver in the growth of housing sales.

Zoopla explained that first-time buyers were an important group accounting for more than one in three sales.

Zoopla revealed first-time buyers looking for their first home in the capital needed an average income of £84,000, which is £3,250, less than the amount required in 2016 when the market hit the highest point since the financial crisis.

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