Move to the Midlands.
Birmingham is the most affordable area in the Midlands for young professionals to buy property in, according to research by Knight Frank. The UK's northern cities also offered a much greater chance for people to get on the housing ladder despite lower starting salaries, says the estate agent. In the examination of af- af fordability, house prices were measured with regional average earnings for those aged between 22 and 39. According to the study of 25 cities across the UK, Solihull is ranked at 7.8 with average house prices at PS201.706 and gross earnings for people aged 22-39 at PS25,706. London's affordability was ranked at 10.9 and Birmingham was much lower at 4.5 with average house prices at PS114,713 and gross earnings for people aged 22-39 mirroring that of Solihull at PS25,706. William Ward-Jones, of Knight Frank's Stratford upon Avon office (pictured), said: "London holds a lure for graduates and young professionals as job creation is higher in the capital than elsewhere.
"But graduate vacancies are starting to rise across the UK on the back of stronger economic performance. "Our snapshot of some key UK cities shows that for young people keen to buy a home, their ability to climb onto the ladder is greater if they move to the Midlands and further north, even if their comparable earnings are more modest than those living in the south. "There has been a growing trend for homeowners to favour towns and cities over rural locations. "Young professionals want to be close to local amenities and transport links. "Solihull has unique qualities which is why it commands more of a premium. Land Rover, the NEC and Birmingham Airport are all in Solihull and with the proposed HS2 scheme, London wealth could well spread northwards."
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|Publication:||The Birmingham Post (England)|
|Date:||Sep 4, 2014|
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