Open Property Group found that UK property prices need to fall by an average of 36%, to make owning a home affordable, for a single person earning an average wage.
Sources: ONS House Price Index June 2018 and ONS Labour market statistics for England, Scotland and Wales.
Our research found that the only affordable place for a single person with an average salary for that city and a mortgage of 3.5 times salary, is Durham.
Using average salary and house price data for cities, it can reveal Cambridge is the most overpriced place in England where prices would need to fall by 68% for someone with a 20% deposit earning an average wage to afford to buy. This was closely followed by Chichester, where a drop of 67% would be needed.
At the other end of the country house prices in Durham could rise by 12 per cent and still be affordable for someone on an average wage with a 20% deposit and a mortgage of 3.5 times salary.
Homeowners benefit from a quick sell house fast process, with a completion date fixed to the owners’ requirements. By selling directly, you pay no agent fees, and can plan ahead with certainty. We also pay your agreed legal costs too.
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