Brighton among the least affordable places for first time buyers
Recent research from online broker Mojo has placed Brighton 7th in a league table of the least affordable places for first time buyers to get on the property ladder.
The research suggests the average house price in Brighton is £420,082, whilst the average couple takes home £4,141 per month between them, meaning a 90% mortgage at 3% would cost £1,540 per month, or 37.19% of take home pay.
Oxford, Bath and London top the list, which orders locations by the average monthly mortgage payment required to buy a property, as a percentage of average take-home pay for that area. For this reason, although house prices in London are higher (averaging £672,051), it sits 3rd in the table because it has the highest average take-home pay for a couple of any area, at £5,414 per month.
The ten least affordable areas were as follows:
Oxford (49.37%)
Bath (47.65%)
London (47.12%)
Reading (38.98%)
Poole (38.72%)
Cambridge (38.49%)
Brighton (37.19%)
Slough (36.68%)
Cheltenham (36.38%)
Exeter (35.03%)
We recently wrote about the new First Homes Scheme, which we hope will make home ownership more affordable, and form part of the affordable housing mix with other schemes such as Shared Ownership and Help to Buy. However, getting on the property ladder, especially for those hoping to buy on their own, can seem a daunting prospect.
One of the most important reasons we exist is to help local people get on the property ladder – we’re here to help. If you want to start making plans, or even just find out a bit more about the options currently out there, then feel free to get in touch, or sign up to our monthly newsletter.
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