This is how much first-time house buyer couples will need to borrow against average salary for £213,997 home in Chesterfield

New research has shown that couples buying houses in Chesterfield for the first time will have to borrow more than three times their annual salary.

Wednesday, 16th February 2022, 10:58 am

Online broker Mojo Mortgages has revealed that residents earning an average £26,243 will need to borrow 3.47 times their salary for a property in Chesterfield valued at £213,997 when buying as a couple. When buying alone, this will be even higher.

Salary data from the Office of National Statistics and January 2022 property valuation data from Zoopla was analysed for the research in response to house prices rising at their fastest pace for 17 years.

Chesterfield appeared in 65th position in the rankings of 100 towns and cities.

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House prices have risen at their fastest rate for 17 years.

Bath topped the list as the UK's least affordable location, with residents earning an average salary of £29,940 needing to borrow 7.50 times that amount in order to buy a £528,530 property.

Hull (2.30), Bradford (2.35) and Gateshead (2.38) were the places where property was most affordable when compared to average salary.