The average salary is £20,000 too low to afford the country's typical house price, according to new research - but how much do you have to earn to afford a house in Shropshire?
The average salary is £20,000 too low to afford the country's typical house price, according to new research - but how much do you have to earn to afford a house in Shropshire?
Research from Go Compare has revealed the household incomes needed to earn to afford a home in different areas of the country. The comparison website’s analysis of HM Land Registry data showed people would need an income of £53,913 to buy an average property in the UK. The research was calculated on a 90 per cent mortgage, with a 5.5 per cent interest rate over 25 years - it also assumed that a mortgage would take up one-third of a person's pre-tax income.In Telford & Wrekin, the salary needed to buy a semi-detached house in Telford is £41,119 - around £10k more than a Telfordian's average of £32,400 a year.
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