First Time Buyers Need Household Income of More Than £60,000: Zoopla

Average British households looking to buy their first home need to earn more than £60,000, with figures varying across the country, property website Zoopla said on Thursday. After analysing average asking prices of residential homes listed for sale in the last six months, Zoopla estimated that first-time buyers need an income of £60,600. This is £14,900 more than five years ago and £2,400 more than a year ago. The figures are based on the assumption that buyers would be offering a 20 percent deposit and borrowing 3.3 times their income as a mortgage. The average asking price for a home in the UK is £250,000, with the price tag ranging from £130,000 in Scotland to £270,000 in England....