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South-East Homes Cost More Than 10x Salary

Homeowners in the south-east of England have to typically spend more than ten times their salary to get on the property ladder.

Compare The Market has revealed research that shows the average house price in the region is £303,031. As the median salary in the area is £25,383, this means house prices are 11.87 times average annual earnings.

While this is steep, it is not the highest house price to income ratio. Unsurprisingly, London exhibited the steepest results, with homebuyers typically having to spend 15.34 times their salary to purchase a property in the capital, which is £464,998 on average.

Following London, Oxford houses are the most expensive for buyers in the area, coming in at 15.2 times the median salary. Even though wages in the south-east area are higher than other places in the UK at £27,089, so are average house prices.

Indeed, with typical properties costing £411,835, this is nearly four times more expensive than in Stoke-on-Trent where it is £109,894. Here, homebuyers only have to spend 498 per cent of their salary to get on the property ladder.

Those who want to purchase a home but are not able to get a mortgage for up to 15 times their salary might consider buying a house that needs a lot of updating, as it is likely to be on the market for significantly lower than similar houses that have already been redecorated.

Indeed, Real Homes previously reported that repainting every room could increase a property’s house price by £7,000.

Therefore, buying a house that needs renovating and hiring a painter in Surrey to bring it up to date will enable you to save money.

 

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