Buying a house is a big deal, and where you are planning to buy will make a difference financially.
Of course, London is one of the priciest areas to buy a property. You’ll be required to earn £86,513 for a flat compared to £14,426 for the equivalent property in Burnley, or £205,405 for a detached home versus £42,996 for the same property in Middlesborough which is quite a contrast.
According to the Office for National Statistics (ONS), the average UK wage is £37,430, and the type of property makes a big difference in the price, for example; a detached house compared to a flat is going to be more expensive.
Most affordable areas in the UK*
Research from GoCompare shows the salaries you need to purchase a house and the average price in different areas across the UK. Below are the top five affordable areas:
Salary Required | Flat | Terraced | Semi | Detached |
Burnley | £14,426 | £18,940 | £27,214 | £42,262 |
Middlesborough | £15,751 | £20,458 | £28,549 | £42,996 |
Blackpool | £15,859 | £22,923 | £29,065 | £43,702 |
Sunderland | £17,097 | £22,964 | £29,366 | £48,800 |
Stoke-on-Trent | £18,268 | £23,160 | £30,560 | £51,243 |
Average Price | Flat | Terraced | Semi | Detached |
Burnley | £72,150 | £95,196 | £136,780 | £212,414 |
Middlesborough | £79,166 | £102,825 | £143,492 | £216,101 |
Blackpool | £79,708 | £115,213 | £146,084 | £219,652 |
Sunderland | £85,933 | £115,420 | £147,597 | £245,274 |
Stoke-on-Trent | £91,816 | £116,405 | £153,596 | £257,553 |
Most expensive areas in the UK*
These are the salaries you need to purchase a house, and the average price in different areas across the UK. Below are the top five most expensive areas:
Salary Required | Flat | Terraced | Semi | Detached |
London | £86,513 | £113,764 | £135,326 | £205,405 |
Cambridge | £66,650 | £100,023 | £119,439 | £193,519 |
Oxford | £61,982 | £94,256 | £117,701 | £189,489 |
Brighton | £58,464 | £93,227 | £104,011 | £157,673 |
Edinburgh | £52,136 | £73,962 | £91,976 | £145,882 |
Average Price | Flat | Terraced | Semi | Detached |
London | £435,818 | £571,783 | £680,157 | £1,032,371 |
Cambridge | £334,988 | £502,721 | £600,304 | £972,634 |
Oxford | £311,527 | £473,734 | £591,569 | £952,380 |
Brighton | £293,845 | £468,564 | £522,764 | £792,472 |
Edinburgh | £262,037 | £371,735 | £462,275 | £733,211 |
Remember, wherever you are looking to buy, the team at Mortgage Required are experts at finding the best product available. Give them a call on 01628 507477 or email team@mortgagerequired.com.
*House prices were taken from HM Land Registry UK House Price Index: June 2024. Repayments were calculated based on a 90% mortgage with 5.5% interest rate over 25 years.
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