Eastbourne is one of the UK’s least affordable places to get a mortgage
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Mortgage broker Mojo Mortgages (MM) put together a list of the least affordable places buy a property and Eastbourne came 17th.
MM looked at salary data from the Office of National Statistics and January 2022 property prices from Zoopla.
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Hide AdThis translates to first-time buyers needing to borrow five times their salary to get on the property ladder in the town (average income multiple required – AIMR).
The average home in Eastbourne costs £328,212 compared to the national average of £287,830.
According to MM Eastbourne residents typically earn £27,869 a year which means a couple wanting to save for a 15 per cent deposit would have to borrow 5.01 times their salary for a mid-market home.
Looking at the top 20 overall, all locations are in or around the south of England other than Stratford-upon-Avon coming 18th.
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Hide AdAt the other end of the spectrum, Glasgow was the most affordable area to buy with an AIMR of 2.89, followed by Doncaster at 2.88 and Wigan at 2.71.
Richard Hayes, CEO and co-founder at MM, said data shows first-time buyers are having to move away from the town they grew up/work in.
He said, “First-time buyers could now borrow as much as seven times their salary – but this would be a big stretch for many couples who would struggle to buy a property in Eastbourne.
“Lack of affordable housing has repercussions, not only for the individuals involved but the wider economy and community if workers in lower-paid jobs are priced out of the market.
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Hide Ad“Enabling people to borrow more might help them onto the property ladder but much will depend on their circumstances as lenders and brokers must apply strict affordability checks. It’s also important that buyers weigh up whether the location offers the best quality of life for them.”
The full top 20, looking at AIMR:
1. Bath – 7.5
2. Oxford – 7.29
3. London – 7.13
4. Poole – 6.72
5. Brighton – 6.35
6. Guildford – 6.3
7. Watford – 5.88
8. Slough – 5.86
9. Exeter – 5.31
10. Cambridge – 5.22
11. Bournemouth – 5.18
12. St Albans – 5.16
13. Canterbury – 5.08
14. Reading – 5.07
15. Bristol – 5.04
16. Stevenage – 5.03
17. Eastbourne – 5.01
18. Stratford-upon-Avon - 5
19. Cheltenham – 4.99
20. Maidstone – 4.97