House prices: The shocking salary you must earn to buy a property in UK cities
BUYING a property is one of the biggest purchases a person will ever make and it does not come cheap. This is the salary you need to buy a house in the UK.
Property market could face a ‘dire’ situation warns expert
Buying a property is a huge expense and some cities are more affordable than others. A study by Zoopla reveals exactly how much you need to earn to buy a property in London. It also gave a look at house prices more affordable locations in the UK.
For most people, it will take years of saving to buy a property.
Those trying to get on the property ladder for the first time will spend an average of £220,000 on their home, according to a report by Zoopla.
While some places are cheaper to buy in than others, it is no surprise that homes in the capital have some of the highest price tags.
To buy an average two-bedroom property in London, homeowners need to earn a salary of £92,000.
READ MORE: How to hack the upcoming house market crash
Setting up camp in Kensington will set homeowners back to most with an average house costing £1,325,000 for first time buyers.
To get this, Britons will need a whopping household salary of £294,500.
Potential buyers in Westminster must earn £250,000 to buy an average property at £1,125,000.
If hoping to grab a deal in London, Barking and Dagenham comes out the cheapest with a property costing £300,000 for first time buyers.
In that borough, a household income of £66,750 is needed.
This is how much you need to earn to buy in the most expensive London boroughs.
Kensington and Chelsea
Household income needed to buy: £294,500
Average house price: £1,325,000
Westminster
Household income needed to buy: £250,000
Average house price: £1,125,000
Camden
Household income needed to buy: £211,000
Average house price: £950,000
Hackney
Household income needed to buy: £177,750
Average house price: £800,000
Hammersmith and Fulham
Household income needed to buy: £177,750
Average house price: £800,000
While a home in London can set homeowners back, they can save by looking outside the capital.
Houses in Sunderland cost an average of £105,000 with homeowners needing an income of £23,250, according to the research.
Those buying in East Ayrshire should have an income of £15,500 and the average property price for first time buyers is £70,000.
Homeowners in Wales can get the cheapest deal in Blaenau Gwent where a property is £92,950 and they must earn £20,750.
Depending where Britons are looking to buy, there are huge differences in how much they will need to earn.