A new study says that first time buyers in Lichfield will need to borrow almost four-and-a-half times their annual salary to get onto the property ladder.
The data from the Office for National Statistics and 2022 property valuations from Zoopla was analysed by Mojo Mortgages.
The research showed Lichfield was 37th on a national list of how many multiples of the average salary for a couple would be needed to buy a home in various towns and cities.
A spokesperson said:
“The research showed that residents earning an average of £34,286 in Lichfield need to borrow 4.28 times their salary to afford a property valued at £345,345 when buying as a couple.
“Of course, when buying alone this will be even higher.”
Mojo Mortgages spokesperson
The table was topped by Bath where a couple on average salaries would need to borrow 7.5 times their income and provide a 15% deposit on an average property price of more than £528,000.
The other end saw Hull named as the most affordable areas with 2.3 times the average salary required.
