Qualified advisers answering your
Financial Questions
call 0800 092 1245

A good salary can ease the step onto the property ladder

A good salary can ease the step onto the property ladderWith reports indicating that salaries are predicted to rise beyond inflation this April, a survey has shown that many first time buyers will rely on this money to get onto the property ladder.According to a survey by the Homebuyer Show, the majority - 39 per cent - of first time buyers said that they were most likely to use this increase in income to buy their first house.The next most popular source for first time property purchase was buying with a partner at 23 per cent and following that, 17 per cent of respondents said they would take out a 100 per cent mortgage.Currently statistics from the Council of Mortgage Lenders say that buyers have to take out mortgages of 3.31 times their salary to be able to afford their first home.Nick Clark, managing director of Homebuyer Events, had some advice for first time buyers. He said: "With interest rates climbing already this year, first time buyers are now feeling the affordability squeeze."Buyers need to make sure they cherry pick their areas to ensure they are choosing properties which are going to give them the most appreciation in terms of house price rises. Although many areas have already experienced huge price increases in the last few years there are still opportunities for buying where prices are continuing to rise."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details