First-time buyers in Oxford must borrow more than SEVEN times their annual salary


As property prices rise at their fastest pace in 17 years, new research has found Oxford One is the least affordable place in the UK to get a mortgage as some residents have to borrow more than seven times their salary just to get on the property ladder.

That’s well above the usual multiplier of four and a half times a borrower’s salary, or even five for low-risk applicants.

The figures, compiled by online mortgage broker Mojo Mortgages, analyzed salary data from the Office of National Statistics and January 2022 property valuation data from Zoopla to establish the average income multiple required to buy a property. in each location.

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Bath tops the list of the least affordable places in the UK, with residents earning an average salary of £29,940 having to borrow 7.50 times their salary to buy a £528,530 property – the city average.

Oxford followed closely (7.29) with London (7.13) completing the three most expensive locations for first-time buyers.

At the other end of the spectrum, it was Hull (2.30), Bradford (2.35) and Gateshead (2.38) where property was most affordable relative to the average wage.

Government incentives including the stamp duty holiday and the First Homes scheme have helped fuel sales, but pent-up demand has also sent prices soaring, with recent reports suggesting prices rose at the annual rate on fastest in 17 years in January 2022.

Full research can be found at https://mojomortgages.com/mortgage-income-multiples-the-cost-of-borrowing-in-2022

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