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Is Your Salary Enough to Own a Home?

It can be easy to feel overwhelmed by the property market and many people often wonder whether their salary is enough to allow them to become a homeowner but what if your salary really isn’t enough anymore?

A study by Zoopla has shown that the average house prices in many towns are now outweighing the average UK salary for the area. With property value rising and average income decreasing, is your salary enough to become a property owner in your town of choice?

Well, according to Zoopla and job website Adzuna, the least affordable town to live in the UK is Luton in Bedfordshire, closely followed by Stevenage and High Wycombe.

Where are the most affordable places to live in the UK? If you want your wage to stretch a little further then moving to Sunderland is your best bet, closely followed by Chelmsford and Plymouth.

Here’s a full breakdown of the figures of the worst and best places to live based on the average UK salary.

Least Affordable Places to Live in the UK

Least Affordable Places to Live in the UK

Most Affordable Places to Live in the UK

Most Affordable Places to Live in the UK

There are so many things to consider when looking at when and where to buy a house, is this just another statistic or should we be concerned by these figures?

According to Zoopla, this could be happening due to the fact that people have to wait longer for a pay rise at work than they will for an increase on the value of their property, meaning the two figures often don’t match up.

Although these statistics are very current and real for the areas concerned, there are many towns across the UK where the property market is steady or even decreasing, meaning your salary may still be superior to the price of your house, so it’s worth doing your research.