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REPORT: Earning Capacity Prevents Homeownership

Buying a home is the dream of many renters and those sharing with friends and family, yet how attainable is this idealistic dream?

As reported recently, the average house price in the UK is now £261,743- To put that price into context, that is over eight times the median UK salary of £31,461

New research by Money.co.uk has shown that a combination of earnings, deposits and mortgage availability were some of the biggest barriers facing would-be buyers.

31% of those surveyed said that earnings was the most significant barrier to buying a home, while 26% stated deposits with 25% citing mortgage availability.

Money’s report also found that buyers were also becoming increasingly put off buying a home due to the hassle that comes with the house buying process.

As highlighted in the Money.co.uk report and the image above, Brits are getting more reluctant to move than in previous generations.

Of the 2,108 people surveyed, the online financial comparison service provider stated that 37% of people wanted house prices to fall, while 34% said that a pay rise would incentivise them to move.

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