Have you decided that it is finally time to take that big life step and buy a property?
Working out how much money you need is the first small step in your journey to home ownership and that’s not just in terms of saving for your deposit, but how you will be able to afford the monthly payments once you have accepted a mortgage offer?
Fortunately, the internet is a wonderful place, filled with tools that can assist with planning your future.
Web-Blinds.com have created a helpful tool that reveals the amount you will need to earn per hour to be able to afford a home in the postcode or city you would like to live in.
Local House Prices
In a survey of locations across Fife, Leven and Glenrothes proved to be the most affordable area to live, with the average homeowner needing to earn £8.25 and £8.32 per hour respectively. At the other end of the spectrum, St Andrews proved to be the more expensive area to live in with the average homeowner required to earn £19.63, with Cupar coming in at second with the average wage required hitting £13.24.
UK Wide
In a survey of the ten biggest cities in the UK, unsurprisingly London is the priciest city in the country, with a worker needing to earn a whopping £103 an hour on average to afford a home in the capital. That means you’ll need to find a job that pays £214,240 a year! Southampton and Newcastle came up second and third respectively, with those wishing to buy needing to earn £21 an hour and £17 an hour to be able to an afford a home.
Liverpool is the cheapest city to live in with the average amount needed being £12 an hour, that’s around the amount Amazon pays its warehouse staff. Nottingham, Glasgow, and Leeds were also found to be affordable cities to live in, with the average amount needed coming in around £14 per hour. Those who make minimum wage might struggle to buy on their own, whilst those looking to undertake joint ownership might find their combined income to be enough money.
The Average Wage Per Hour Needed to Buy a Home in the UK’s Largest Cities
1. London – (£103 per hour)
2. Southampton – (£21 per hour)
3. Newcastle – (£17 per hour)
4. Sheffield – (£16 per hour)
5. Manchester – (£15.50 per hour)
6. Birmingham – (£15.50 per hour)
7. Leeds – (£14 per hour)
8. Glasgow – (£14 per hour)
9. Nottingham – (£13.50 per hour)
10. Liverpool – (£12 per hour)
(Figures based on data from Web-Blinds.com September 2017)
