Time to tighten your belts
THE average couple needs to save for seven years to afford a home in Huddersfield and Kirklees.
Research by the Reach Data Unit suggests that in Kirklees the average couple needs to save for 7.1 years to buy a two-bed house, as it would take until October 2025 to find the cash for a 20% deposit. That assumes a maximum lending level of fourand-a-half times the average income.
This is based on a household income of £41,480 – or one male median full-time wage and one female median full-time wage for the area adjusted to reflect lower earnings among twenty-somethings compared with the overall average.
In Kirklees, the average price for a twobed home was £126,422.
The calculation also assumes couples can put aside 10% of their gross income each month.
In Calderdale, it would take the average couple 7.3 years, or until December 2025, to save up a deposit of at least 20% for a two-bed home costing an average of £138,423.
Across the UK as a whole, buying a house in Blaenau Gwent, Wales, is the most achievable. There the average price for a two-bed home is £65,334 and the average household income is £41,160. Therefore a couple could save up a 20% deposit and be ready to buy in 3.4 years, or by February 2022.
However, there are 24 local authority areas in the UK where even if you saved for 40 years, you still wouldn’t have enough of a deposit or a high enough income to be able to afford the average two-bed home on the average household income.
These include 21 out of 32 London boroughs, as well as Brighton, Cambridge, and Hertsmere and Three Rivers in Hertfordshire.