£60,000 income needed to buy a home in 2024?! 💵
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This article from Zoopla shows that a First-time Buyer needs an income of over £60k to buy a home!
Key points:
🔹 The average first-time buyer (FTB) needs an income of £60,600 to buy a home - the equivalent of two average UK salaries
🔹 An existing home owner looking to upsize needs a household income of £72,600 to buy an averagely-priced home
🔹 The required income to buy has increased by £2,400 for FTBs and £3,400 for upsizing home owners over the last year
🔹 It used to be all about the Deposit, not anymore... The household income to finance a mortgage is an equally important factor
🔹 Typically, a bank will lend 3.3 times income - a house with an income of £50k would be able to borrow £165,000
Why are the required incomes to buy so high in 2024? 🤷♂️
🔸 The required income to buy has increased by 4% over the last year largely due to higher asking prices and a slight decline in the loan-to-income ratio
🔸 To adapt to this, buyers would be required to put down a larger deposit to reduce the size of the mortgage
How much can you borrow on a mortgage and how much will your Deposit and repayments be?
Contact Emma (emma.travers@cavendishproperty.co.uk) and she'll put you in touch with a trusted mortgage adviser for all the answers you need 👍
📸 Left to right: Gary, Danielle, Amy, Rosie and Bradley at Cavendish Residential 📸
📸 LEAD IMAGE: Fully refurbished 5 bedroom stunning family home with super-high energy rating! | Offers In Excess Of £280,000 📸
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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