The income needed to get a foothold on the housing ladder has jumped by nearly a fifth in Britain’s largest cities over the past three years as house price growth continues to outstrip earnings.
The average minimum income needed for a first-time buyer to purchase a home in a city has risen to £53,000, according to Hometrack, the analytics group, from £45,000 in 2015.
Hometrack showed that house prices have risen by an average of 14.5% across the top 20 largest cities. In that time, average wages have grown by 7.5% to £489 a week, according to the Office for National Statistics.
