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104 years to save for a house in Brighton, finds new survey. If you live in Brighton, it will take you longer to save for a deposit than if you were looking to get on the ladder. Chances are you won’t see yourself even get the down payment in your lifetime, either – as a survey from HouseSimple claims that it will take you 104 years to amass the money you need to secure a mortgage in the first place.
House in Brighton £350,522
According to the sums carried out by the online estate agents, the average cost of a house in Brighton clocks in at £350,522, though the average annual salary in the city is just £23,488. Taking into account factors including the size of loan needed, the deposit, and the assumption that 10% of a yearly salary goes on this bond, the company claims it will take over a century to secure a property in the seaside resort.
While many would naturally expect the capital to be worse, Londoners have a better deal – to an extent. If people in the UK’s biggest city follow the same rules, it will take someone 97 years to secure the deposit they need to get a home there.
Around the country, results are widely varied. In Bristol, it takes the average person 55 years to get the initial down payment they need, putting it at number three after Brighton and London. Perhaps unsurprisingly given they are both capital cities in their own right, Edinburgh and Cardiff are tied fourth at 48.5 years apiece. At the cheapest end of the scale, Hull (six years), Bradford (seven years) and Sunderland (ten years) offer the best opportunities to get a property on the local average wage.
HouseSimple chief executive Alex Gosling was sympathetic to the nation’s dilemma, which once again highlights a true north-south divide. He said: “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.”
- Author bambooloans
- Posted 24 November 2015