Average first-time buyer needs £30,000 salary to buy a house in \Wales

The average first-time buyer needs a minimum income of £30,000 in order to secure a mortgage,  the average Welsh wage is £20,000. 

A report published by KPMG this week found that the divergence between house prices and wages has grown so wide that affordability is now an issue for all aspiring buyers unless they have very high earnings - or inherit money. 
 

First-time buyers in London have the toughest time getting on the property ladder. They need to earn a whopping £77,000 in order to buy their first home. In reality the average worker earns just £28,000.

The figures, which are based on a 10pc deposit and borrowing the remaining 90pc at 4.5 times annual income, vary widely between the North and South. 

Northern Ireland has the smallest gap with the actual average wage at £18,857 against the £21,219 needed. In England the narrowest gap is in the North East with £20,149 against £23,616. 

These figures make for frightening reading and show that housing affordability is no longer just a problem for lower wage earners," said Jan Crosby, head of housing at KPMG. "Now unless you earn well above average or receive an inheritance, it is unlikely you will be able to afford to buy, no matter where in the UK you live.”