You need to earn £42k to buy house in Luton
New research shows a struggle for first time buyers
First time buyers need an annual wage of more than 55,000 to buy an average home in Bedfordshire, according to new research by the National Housing Federation.
Rocketing house prices over the past ten years means the average house price in the county is a mammoth 203, 321 - unreachable for most first time buyers.
In Luton, the cost is slightly lower, with the average house setting back a potential homeowner 156,331.
And the housing federation suggests a wannabe buyer would need a annual wage of 42,433 to be able to afford a property in the town.
Neil McGregor, of Urban And Rural estate agents in Wellington Street, said: "Everyone has known for years that house prices are beyond three times your salary.
"People now are becoming a lot older before they move into their first property which gives them time to save. A lot of parents are helping kids out to get them on the ladder. People have been aware of it for a number of years, so tend to save a bit more or hook up with a friend and buy together."
But other Luton estate agents have slammed the housing federation research, saying that the average house price of 156,331 in Luton is not what first time buyers go for.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Luton
Tuesday 07 February 2012
Today
Cloudy
Temperature: -8 C to 1 C
Wind Speed: 12 mph
Wind direction: East
Tomorrow
Sunny spells
Temperature: -5 C to 1 C
Wind Speed: 13 mph
Wind direction: North east
