View more on these topics

Many towns too costly for first-time buyers

First-time buyers face being priced out of the market in many of Britain&#39s biggest towns, according to the Halifax.

Its research shows that, in 451 towns, buying a home is beyond the reach of one-third of potential first-time buyers.

There is a marked geographic divide, with house prices in Southern England unaffordable for four-fifths of average-earning FTBs while the same is true for only one-tenth of FTBs in the North.

Sevenoaks in Kent suffers from the greatest disparity, with a difference of £39,358 between average local earnings of £23,946 and the required income of £63,304 to purchase a house as a first-time buyer. The average FTB&#39s house in Sevenoaks costs £216,566.

Twickenham in South-west London is close behind, with an income of £68,379 needed to buy a home and the average salary being £34,720.

Leven in Scotland is the most affordable town in the UK, with a first-time buyer needing an income of £9,933, which is £13,389 below the average earnings of £23,322.

There are 163 towns where a first-time buyer needs an income in excess of local average earnings to buy a property, including 107 in Greater London and the South-east, 19 in the South-west, seven in East Anglia and 30 in the North.

Halifax Group economist Martin Ellis says: “Many potential first-time buyers are being priced out of the market, particularly in Southern England. These difficulties are forcing more people to buy with their partner or with friends or to delay purchase.”


Raise state pension age to 70, says Axa

Axa is calling for the basic state pension age to be raised to 70 in a bid to persuade people to save more for their retirement.The life office says drastic action is needed as the Government has run out of options other than raising the state pension age or making private contributions compulsory.Research from Axa […]

Public give commission the thumbs-up

Most consumers are happy to pay for advice through commission and understand that the word independent means getting advice on the whole market, a survey for IFA Promotion reveals.The BMRB research for IFAP shows 60 per cent are happiest to pay for financial advice by commission, rising to 70 per cent for families in the […]

Temple hit by tribunal

IFA RJ Temple could have to pay out thousands of pounds in staff benefits after an employment tribunal ruled a senior sales manager was an employee rather than self-employed.RJ Temple is appealing against the decision but is placing all its senior sales team on contracts of employment.Former assistant regional director Paul Meaden says his income […]

Call for cash to start up free advice service

Chairman of the FSA consumer panel Colin Brown is calling on the Treasury and the financial services industry to fund a generic advice service for all consumers.Speaking at last week&#39s conference, Brown said a free hol-istic healthcheck should be available to improve consumer understanding of finance.He said money is needed to establish the service to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm