Many of Britain’s towns becoming 'unaffordable'

For companies relocating employees around the UK, housing is a key issue, and as new research shows, property prices in many of Britain's towns are becoming increasingly unaffordable, which in turn exerts pressure on salaries.

Brighton houses
Research by online estate agents HouseSimple.com reveals that local people are being priced out of their towns, as average wage earners could be looking at saving for more than 100 years to afford an average priced property where they live.According to figures compiled by the pay-as-you-go online agent, an average wage earner in Brighton (£23,488)* would need to save for 104.2 years to have a large enough deposit for an average priced property in the area (£350,222)**. The situation is slightly better in Bristol, but still makes depressing reading. An average wage earner on £27,394, would have to save for 55.1 years to afford an average priced property in Bristol (£274,280).Property prices have rocketed in Brighton in the last 10 years, largely due to the influx of London commuters who have moved out of the capital for a better quality of life. But this has had a dramatic impact on local property prices.While Brighton is at one end of the scale, 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.Similarly, in Bradford, with average house prices of just £124,051, and average salaries of £24,743, an average wage earner could have a large enough deposit after seven years, to afford an average priced property in the city.HouseSimple.com has looked at average salaries* and average property prices** in 20 major towns and cities across the UK. Inevitably London, features high up on the list. While average salaries in London (£34,720) are higher than in Brighton, so are average property prices (£492,026). An average earner in London would have to save for almost 100 years (97 years) to afford an average priced property in the capital.The figures have been calculated on the basis that savers could put aside 10 per cent of their salary every year for a house deposit, and that the maximum mortgage loan they could secure would be four-and-a-half times their gross annual salary.The following table shows how long it would take an average wage earner in 20 major towns and cities across the UK to save a large enough deposit to buy an average sized property in their area. property prices tableAlex Gosling, CEO of online estate agents 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."The average wage earner is being priced out of their local property market, and without a serious influx of new properties coming onto the market, that's likely to continue to remain the case."For more Re:locate new and features on residential property, click here and for more on commercial property, click here

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