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Average earners in struggle to buy home.

AS few as 22% of people in some parts of Wales are able to afford a mortgage on an average house where they live, according to new figures.

Across the UK there are only 16 places where properties remain affordable and, along with the north of England, prices in Wales are among the lowest in the country.

The calculations, provided by Savills, are based on median-priced properties and the median income across local authorities using a relatively high loan to income ratio of 4.5 with a 20% deposit.

The Welsh county where the least amount of single earners are able to afford a median-priced home of PS166,000 is in Ceredigion with just 22%.

It is followed by Powys at 25% on a house worth PS160,000.

Pembrokeshire also falls among the lowest with just a quarter of single earners able to afford a PS160,000 property. Blaenau Gwent is where the highest percentage of single earners, 75%, can afford a median-priced house, worth PS75,000.

But the situation looks more promising for two people on a median salary with more than 50% able to afford a mortgage on an average property.

Figures vary from 50% in Powys able to afford the prices while Neath Port Talbot and Rhondda Cynon Taf, both top the board at 81%.

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Publication:Western Mail (Cardiff, Wales)
Geographic Code:4EUUK
Date:Feb 5, 2016
Words:218
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