Hometrack has revealed that the minimum income first-time buyers need to purchase a home in the UK’s largest cities has rocketed by 18% in the past three years.
- Average first-time buyers needs to earn £53,00 this is up from £45,000 three years ago.
- Income needed to buy
- Liverpool £25,000
- Bristol £58,826 (24% Increase)
- Manchester £34,770 (24% Increase)
- London £82,000
Richard Donnell, Insight Director at Hometrack, says: “House price growth continues to outpace earnings across 16 of the 20 cities covered by the index as buyers continue to bid up the cost of housing on the back of low mortgage rates and high levels of employment. The fastest growth is being recorded in the most affordable cities where prices are rising off a low base.