First time purchasers of houses in the United Kingdom need to at least earn an average of approximately 50,000 pounds a year in order to get on the real estate ladder as a new research reveals. However, 51 out of 65 cities reportedly had average salaries which were below the minimum level required to buy a flat. The study came from the website GoCompare. Accordingly, it is most affordable to buy a property in Blackburn where an average salary of 14,000 pounds per year could have been enough to buy a flat. However, a minimum household income of 140,000 pounds every year is needed in order to buy a flat located in downtown London.
In the country’s capital, you will need a minimum of 275,000 pounds in order to buy a detached house where the average prices of houses is at approximately 869,000 yet the median average of people in the capital is just about 30,000 pounds. With this data, it is quite obvious that Blackburn is about 10 times much cheaper compared to London. The median average salary for the town Lancashire is 18,444 pounds which makes it one of the few places in the United Kingdom that is quite affordable. After Blackburn, the cheapest places that buyers could purchase properties are at Blackpool, Hull, Stoke-on-Trent and Grimsby where an average salary of 15,000 pounds is enough for one to purchase a flat.
Outside of London, the towns which are most costly are Edinburgh, Brighton, Oxford and Bristol. Minimum salaries needed in order to buy the properties at the aforementioned locations are 60,000, 60,000, 54,000 and 58,000 all in pounds respectively. Although owning your own property is very much achievable in places like Sunderland and Blackburn, in other parts of the country, most people are having a difficult time owning one. The increasing value of properties as well as growing urban populations are factors that affect the degree of difficulty in owning a property.
Though the prices of properties are increasing, more people are looking to buy these properties especially those that are furnished with Oak Compact Vanity Units.