How much you now need to earn to buy your first home in the UK

manchestereveningnews.co.uk:

The average household income that you need to buy your first property in the UK has now been revealed. According to a study by Zoopla, the typical first-time buyer now needs earnings of more than £60,000 to step onto the property ladder.

The property website says that this is £14,900 more than what was required five years ago, and £2,400 more than last year. The analysis is based on average asking prices for first-time buyer homes listed for sale on Zoopla, which are around the £250,000 mark - based on homes that people wanting to get on the property ladder are looking to buy.

The assumption is that buyers would have a 20 percent deposit and be borrowing 3.3 times their income as a mortgage. Izabella Lubowiecka, Zoopla's senior property researcher, said: "The challenges facing first-time buyers are not the same across the UK." READ MORE: The £1.2m house which you wouldn't believe is in Greater Manchester She continued: "Access to home ownership requires lower incomes in much of Wales, northern England and Scotland.

The greatest challenges are in southern England, especially London where first-time buyers are already buying cheaper homes than the average in an effort to try and improve affordability." Zoopla's research revealed that in London, first-time buyers would typically need a household income of £103,000.