The salary an aspiring homeowner requires to buy in one of the UK's top 20 cities has shot up £8,000 since 2015, according to Hometrack.
First-time buyers need to earn £53,000 to get onto the housing ladder in one of the UK’s 20 largest cities.
This has shot up 18%, or £8,000, in the past three years alone, according to Hometrack’s latest UK Cities House Price Index.
The data reveals just how much house price growth has outstripped wages since 2015: property values across the major cities have climbed by an average 14.5%, while typical wages have increased by 7.5%.
Overall, property values in the UK’s largest cities have increased by an average 3.9% in the year to August, with growth fastest in the most affordable areas.
Richard Donnell, insight director at Hometrack, said: "House price growth continues to outpace earnings across 16 of the 20 cities covered by the index as buyers continue to bid up the cost of housing on the back of low mortgage rates and high levels of employment."
Here's a table to show how much income a first-time buyer needs to buy an average-priced home across the 20 cities:
|20 city average||£44,974||£52,994||18%|
And here's another handy table to show house price growth in the UK's top cities:
Current house price
Year-on-year change August 2018
Price relative to 2007
|20 city average||£254,400||3.9%||33%|
Phil Spencer's first-time buyer advice:
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