First-time buyers in Milton Keynes must borrow almost 4.5 times their annual salary to get on property ladder

New research has revealed that first-time buyers in Milton Keynes now have to borrow almost four-and-a-half times their annual salary to get on the property ladder.

The figures, compiled by online mortgage broker Mojo Mortgages, analysed salary data from the Office of National Statistics and January 2022 property valuation data from Zoopla to establish the average income multiple required to buy a property in different locations.

In Milton Keynes, the data showed residents earn an average salary of £34,218. This means a couple wanting to buy an average house valued at around £345,000 would need to borrow 4.29 times their salary to afford it.

The figures applied to two people buying jointly. For single people buying alone, the cost would obviously be even greater.

House prices are rising at their fastest rate in 17 years, according to research.

Bath topped the list as the UK's least affordable location, with residents earning an average salary of £29,940 needing to borrow 7.50 times their salary in order to purchase a £528,530 property - the average for the city.

Oxford followed closest behind (7.29) with London (7.13) completing the top three most expensive locations for first-time buyers.

MK was the 35th highest out of 100 locations in the UK.

At the other end of the spectrum, it was Hull (2.30), Bradford (2.35) and Gateshead (2.38) where property was most affordable when compared to average salary.