Good news for those of you looking for property in Stoke on Trent, as according to price comparison website Go Compare you can get on the property ladder in this area if you earn a salary of £12,000 per annum.
Go Compare has recently carried out research to find out how much the average person looking to get onto the property ladder needs to earn across 65 towns and cities within the UK. The site has based their calculations on average house prices in each area, 90% mortgage applications spread across 25 years and both interest rates and council tax capped at 4.5% and Band D.
Affordability was also capped by the site at no more than 33%.
Those looking to buy a semi-detached house within Stoke on Trent would need to earn an annual salary of £21,000, and to purchase a detached property you would need to earn a minimum of £37,000 annually.
In comparison those living in London would need to earn a massive £140,000 to purchase a small flat.
On average a salary of approximately £50,000 is the income needed to purchase a property within the UK. With the national average earnings for year ending April 2015 at £27,600 this equates to only half the required income quoted by Go Compare.
Ben Wilson, home insurance expert at Gocompare.com, said: “Although owning a home may be achievable in places like Blackburn and Sunderland, in other parts of the country the rapid rise in property value and a growing urban population is pricing many of the British public out of home ownership”
“London’s high prices are well documented, but it’s in other parts of the south of England that the gap between average salary and average house price is at its most alarming, with places like Brighton requiring a minimum household income of £180,000 to afford a detached house.Bridgfords have a range of homes currently for sale in the Stoke on Trent area with prices starting at £50,000 area. Below are just a small selection currently on the market:
Two bedroom Terraced house on the market at £50,000
Three bedroom Semi Detached on the market at £80,000
Three bedroom Detached house on the market at £130,000
For more information on how to get a mortgage view our helpful Guide to Mortgages which explains everything you need to know from how much you can borrow to the mortgage lending process. Alternatively speak to one of our experts today.