If you are a first time home buyer you would need an average salary of £54,400 in order to purchase a house in key cities of the UK, as suggested by a Zoopla report.
For those wishing to climb the property ladder, salary levels vary from city to city, with as little as £26,000 in Liverpool to as high as £84.000 in London. This is on the back of the assumption that buyers would be able to put down a 15% deposit or even up to 25% in more costly cities such as London, Cambridge and Oxford. Repayments were calculated using average rate of mortgages over a period of 30 years.
According to Zoopla’s insights and research director, new home buyers account for two thirds of all property sales.
Below are the average revenues required to purchase a house presently in 2019 followed by same for 2016 and the percentage difference, as stated by Zoopla:
- Aberdeen, £33,700, £38,300, minus 12%
- Belfast, £28,800, £25,500, 13%
- Birmingham, £35,200, £29,600, 19%
- Bournemouth, £62,300, £55,000, 13%
- Bristol, £59,500, £53,100, 12%
- Cambridge, £72,000, £76,000, minus 5%
- Cardiff, £44,600, £39,000, 14%
- Edinburgh, £48,700, £41,800, 17%
- Glasgow, £26,600, £23,300, 14%
- Leeds, £35,500, £31,300, 13%
- Leicester, £38,000, £31,700, 20%
- Liverpool, £26,100, £23,000, 14%
- London, £84,000, £87,300, minus 4%
- Manchester, £36,200, £30,400, 19%
- Newcastle, £27,200, £25,500, 7%
- Nottingham, £32,900, £27,800, 18%
- Oxford, £68,800, £70,800, minus 3%
- Portsmouth, £50,700, £45,300, 12%
- Sheffield, £29,500, £25,800, 14%
- Southampton, £48,500, £44,100, 10%
