The amazing salary first-time buyers should buy in Surrey’s most expensive towns

New property data has revealed the staggering amount first-time buyers would have to shell out for a home in Surrey’s most expensive towns. The average asking price for a property in affluent Epsom and Ewell is £430,000.

And according to property experts, the average income needed to afford this type of home would be around £104,000 a year. This is in stark comparison to Croydon, which is just over the border with Surrey.

In Croydon, those looking to get on the property ladder would need to earn an average of £78,000 a year. the average asking price for properties here is around £325,000.

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So what would a buyer get for their money in Surrey’s most expensive towns? According to Zoopla, a three-bedroom detached house in Westmorland Close, Epsom, sold for £400,000 in February this year. While a terraced house, also with three bedrooms and located in Cumberland Close, was bought for £400,000.

Zoopla, which analyzed this housing data, said: “Affordability is one of the biggest barriers facing people looking to buy a home. We talk a lot about deposits, but the household income needed to finance a mortgage is an equally important factor. This is because income levels are used to assess the affordability of a mortgage through the loan-to-income assessment.

“First-time buyers tend to have smaller deposits than existing owners who may be looking to buy a larger home. Usually, the larger the deposit, the lower the income required for the purchase. The data shows that the typical first-time buyer (FTB) takes out a mortgage that is 3.3 times their household income.

“Using these average loan-to-income ratios and the average asking price of homes for sale on Zoopla, we can calculate the household income needed to buy a home for FTBs and existing owners.”

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