How many years have to work to buy property in the UK

The British, who love to do different kind of calculations and to bring under all theories of mathematical base, use a special index from online estate Agency eMoov, allowing you to estimate how much the average salary will need to the average working man, so he could buy an apartment or a house in the region where he works.

Home buyer in UK for sale currently housing you need to earn a salary for 6 years, for the purchase of residential property in London for 12 years. However, the most inaccessible region, which surpassed even London is Dorset, where the house or apartment you will have to pay 14 average annual wages.

The chart: 10 most inaccessible places in England outside of London.

In eMoov research also shows that the gap between the average salary in the country and the salary necessary to obtain a mortgage is now £6111. The calculation is based on the assumption of the Bank of England that the size of the borrowed funds should equal the 4.5 annual salaries. Each applicant must pass a test, the results of which the Bank concludes that the borrower can pay.

The London district of Hackney is a bad measure of affordability is the average price of residential property in this £575511, which is more than 17 times the average annual salary – £33800, followed by Haringey, with the affordability ratio 16.21, after – Waltham Forest – 15.69, then Ealing – 14.77 and Harrow 14.73.

Outside of London in the County of Dorset, where the affordability ratio 14, it should be Oxford, where the average price of a house or apartment £408448, and the average salary £31000 that 13.18 times less. Followed by South Buckinghamshire with an affordability ratio of 13.08, followed by Hertsmere – 12.95, Christchurch – 12.47, Epsom and Ewell with the availability of 12.44 and Brighton and Hove with a factor of 12.43.

Where is located the most affordable city in the UK? This is mainly the Northern part of England, Wales and Scotland. Leading the list of Burnley, where the buyer just need to 3.43 annual salary to buy a house, followed by East Ayrshire with the availability of 3.66 annual salary. and then in West Dunbartonshire 3.76 and 3.85 in North Ayrshire. All these cities are located in Scotland. Slightly worse accessibility in the cities of Wales – in Blaenau Gwent -3, 74 and County Durham – 4.04.

® Helen Entree. 15.05.2017 G.

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