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First-time buyers need to earn £50,000 a year to get on the property ladder

New research by Gocompare.com highlights the minimum income needed for first-time buyers to get on the property ladder in cities across the UK. The study reports that on average a minimum household income of £50,000 is required to purchase a house in the UK, assuming a 90% LTV mortgage.

Unsurprisingly, London tops the chart with household incomes of at least £140,000 a year needed to buy a flat and an eye-watering £275,000 for a detached house - the median average salary in the capital is just £30,338.

According to the research, Blackburn is almost 10 times cheaper than London and a household income of just £14,000 could get you on the property ladder. The median average salary in the Lancashire town is £18,444, making it one of the few places in the UK that are affordable. In 51 out of the 65 cities included in this research, the average salary is below the minimum required to buy a property.

After Blackburn, the cheapest places to buy property are Hull, Blackpool, Grimsby and Stoke-on-Trent where a salary of just £15,000 could be enough to purchase a flat.

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