The UK has a thriving economy and it continues to be one of the top places to live in Europe at this time. So it does make a lot of sense to buy a house in the UK. But what income do you need in order to buy a house here?
As you can imagine, this mostly depends on a variety of factors. But the most important one is the city you choose because such a thing will bring in its own share of expenses. In order to make things easy, all the costs listed below are assuming that you have a 30-year mortgage.
Where Can You Find The Lowest House Prices In The UK?
Believe it or not, living in Liverpool is a lot cheaper than many other cities. The average house price is £120,100, and you need an annual income of around £24,731 to afford a home here. Which is quite alright for the region.
A similar situation can be found in Glasgow, where the average home price is £124,400, and the necessary income is £25,607. Newcastle is close to these two cities as well, home prices are £129,700 on average here, and the annual income is £27,015.
If you choose to live in Nottingham, the average home price is £153,400, so an estimated income needed will be roughly £31,904. Aberdeen is costlier, £164,800 home prices and £34,262 annual income required on average.
Manchester home prices are £168,300 on average, and the required income will be £34,770.
Where Can You Find The Most Expensive Houses In The UK?
Edinburgh is a great example here, because the average house price is £231,000, so the required income is around £48,277. Portsmouth has a similar situation, with £238,500 and £50,202 respectively.
However, Oxford is one of the most expensive places to buy a house in the UK, and that’s mostly because the average home price here is £423,400, and that requires a £69,750 salary per year.
Cambridge has similar prices, more specifically £431,600 on average and £74,000 in yearly income. But the most expensive place to buy a house is London. With an average price of £485,300 and a required annual income of at least £84,250, it can be very expensive to buy a home in London.
Of course, this also means the resale value is very high, but having 30-year loans at that price is very scary, especially considering the job market.