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First Time Buyers

Sell My House Quickly in Stirling

Sell My House Quickly found another interesting article about properties in Stirling. Revealed: The cheapest local authorities for first time buyers – and the least.

First Time Buyers

Analysis by Nationwide Building Society has shown first-time buyers face spending at least six times their annual wages to get on the property ladder in nearly half (45%) of Britain’s local authority areas.

The average house price-to-earnings ratio has jumped 10% in just over 5 years with many across Scotland facing paying up to six times their gross income in order to get on the property ladder.

The study looked at the average earnings of those living in local authorities against the price of property.

The average earning was found using ONS data while the average house price study from the Nationwide data was sources using the UK House Price Index.

The study found the average gross earnings in the City of Edinburgh was just over £41,000.

However, that first time buyers would face buying properties with an average price of £240,000, meaning those would be likely to pay at least six times over their annual earnings.

Indeed the top three most expensive areas for first-time buyers were based in Edinburgh and the Lothians with the City of Edinburgh followed by East Lothian and Midlothian.

According to the data, purchasing a house in East Lothian would cost around 5 and a half times the gross annual earnings for the area, with homes costing on average £199,000 and Midlothian homes costing £174,000 on average against salaries of around £35,000 for both areas.

East Ayrshire however had an average price of £83,255 against a salary on average of £35,298 meaning that the average house price-to-earnings ratio was 2.4.

We found this article on The Scotsman. Kindly click the link to read the full story.

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