Local people are being priced out of the towns they grew up in due to soaring property prices, with many looking at saving for more than 100 years to afford an average priced home, according to research by online estate agent HouseSimple.com. The figures revealed that the problem is most severe in Brighton, where would-be […]
Local people are being priced out of the towns they grew up in due to soaring property prices, with many looking at saving for more than 100 years to afford an average priced home, according to research by online estate agent HouseSimple.com.
The figures revealed that the problem is most severe in Brighton, where would-be first-homeowners are now worse off in than London.
The average wage in Brighton is £23,488, while the average property price is £350,222. Based on a person putting 10% of their salary away every year for a house deposit, it would take 104.2 years to save for a property in the area.
The capital does not fare much better, with the survey suggesting it would take 97 years to save up the deposit for a property.
In the last 10 years, property prices have rocketed in Brighton largely due to the influx of London commuters moving out of the capital for a better quality of life.
Prospects are a little brighter for people living in Hull, where average salaries are £24,248, and average house prices close to a third of the price of average property prices in Brighton, at £123,864. This means that an average wage earner in Hull would only need to save for 6.1 years to have enough for a deposit.
Alex Gosling, CEO 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.”
