“The average price first-time buyers are paying to get on to the property ladder has hit a record high of £207,693, according to the latest Halifax First Time Buyer Review.”
Question: What is an average wage in Devon?
“Families in Devon need to earn almost £60,000 a year now to afford the average mortgage which represents a 156% pay rise for average earners.
With average Devon salaries now of £23,197, a worker would need a staggering £36,279 pay rise (156%) to £59,476 to get a mortgage for an average home in the county.
A couple each earning a combined average wage totalling £46,394 would still need a 28% pay increase to get a standard 80% mortgage.
With average private monthly rents in Devon of £687 this accounts for 43% of average monthly net pay. Average property prices are £260,209 which is more than 11 times the average salary.”