FIRST-time buyers in Brighton are worse off than their London counterparts, according to online estate agents HouseSimple.
A resident in the seaside town would need to save for more than 104 years to amass a deposit for a property in the area, based on average salaries and property prices,
The average cost of a Brighton home comes in at £350,522, while the annual salary in the area is a more modest £23,488, says HouseSimple. And Londoners do not fare much better – it would take 97 years to afford a home in the capital, while in Bristol, Cardiff and Edinburgh it would take 55, 49 and 41 years respectively to save for a deposit. In Hull, by contrast, it would take just six years to save for a deposit.
“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,” said HouseSimple chief executive Alex Gosling.
“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.”