First-time buyers need £60,000 to buy a home

This is just under double the average UK household income of £33,300 and is also £2,400 higher than last year. Additionally, those looking to upsize to average priced home with a larger average deposit of 35% would need a household income of £72,600 – £3,400 higher than a year ago.  

Overall, the required income to buy has increased by four percent over the past year – largely due to higher asking prices and a slight decline in the loan-to-income ratio.  

Zoopla went on to explain: “To adapt to this, buyers can put down a larger deposit to reduce the size of the mortgage. If this isn’t an option, a more practical solution could be to look further afield by extending your search area, or consider other types of property.  

“Our data show that relatively few first-time buyers are changing what they want from a property as they balance home ownership with complex family needs. The key route to getting more value money is to widen the search radius and consider more markets.

“We find that two in five in southern England are looking further than a 10-mile radius to find their next home do to the affordability pressures of the region.”