Brighton locals priced out

Mortgage Introducer

October 20, 2015

In Brighton people typically earn £23,488 but properties cost £350,522, meaning typical residents would have to save for 104.2 years to buy a home without taking inflation into account.

London is the second most unaffordable, where annual salaries averaged £34,720 but average house prices were £493,026, so they would have to save for 97 years to buy.

Alex Gosling, chief executive of HouseSimple.com, said: “Affordability remains a major problem across the UK. Everyone knows that London is unaffordable for all but the rich or fortunate, but these figures highlight the plight of the average person looking to buy an average priced property in their local town or city.

“The average wage earner is being priced out of their local property market, and without a serious influx of new properties coming onto the market, that’s likely to continue to remain the case.”

More affordable areas include Bradford and Hull, where buyers would have to save for 7.2 and 6.1 years to buy.

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