Average salary first-time buyers need to afford a house in Cambridge

Houses on Gwydir Street
-Credit: (Image: CambridgeshireLive)


The average salary first-time buyers need to afford a house in Cambridge has been revealed by data from Zoopla. Cambridge is the second most expensive place to buy in the UK, meaning first-time buyers need a higher salary to be able to afford a home.

The average asking price for a first-time buyer in Cambridge is £550,000, according to figures from Zoopla. The income needed to buy a property of that price is £133,300, or two salaries at £66,650.

A spokesperson for Zoopla said: "The further south you go, the more you need to earn in order to buy. The average first home in the Midlands is priced below £200,000, meaning the required income is below £49,000.

"And in southern England, the average income to buy ranges between £33,900 in Great Yarmouth to a whopping £193,900 in Kensington and Chelsea." Cambridge is the second most expensive place for first-time buyers after Kensington and Chelsea.

The Zoopla spokesperson said: "First-time buyers often buy with smaller deposits – 20% on average – according to ONS. To help make buying affordable, FTBs tend to look for cheaper properties. For example, the average asking price of a home chosen by a first-time buyer is 34% lower compared to the market average."

Across the UK, the average first-time buyer needs an income of £60,600 to buy a home – the equivalent of two average UK salaries. That's half the amount needed for first-time buyers in Cambridge.

Across the UK, the required income to buy has increased by £2,400 for first-time buyers. The typical first-time buyer takes a mortgage that is 3.3x their household income, according to Zoopla.

A Zoopla spokperson said: "Our data shows 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 for money is to widen the search radius and consider more markets.

"We find that 2 in 5 buyers in southern England are looking further than a 10 mile radius to find their next home due to the affordability pressures of the region."