In summary the average property price in the city was £246,042, with the average income per year being £28,459.
Even London wasn’t quite as high, with their average property prices being 7.7 times higher than the average local income.
Alongside this Tembo found that 8 per cent of buyers in Southampton who boosted their mortgage did so with a friend, compared with just 3 per cent of those in Birmingham and Nottingham.
Table with average property price and income for some of the UK’s cities (Tembo)
On the other end of the spectrum, Sheffield was found to be the most affordable city for first-time home buyers, with properties being 4.65 times higher than average local income.
Richard Dana, Founder and CEO of Tembo said: “There are undoubtedly common challenges impacting Britain’s first time buyers, but it’s also important to realise that every would-be first time buyer has their own story, and there are a range of issues impacting people’s ability to get on the property ladder.
“Our client data shows that the story across the country is really quite varied and that one-size-fits-all solutions are, therefore, unlikely to work.
“It is vital that mortgage providers take time to understand and appreciate everyone’s individual circumstances in order to provide solutions that ensure the security of future home-owners and the sustainability of the market as a whole.”
Credit: Source link
