Prospective buyers in Black Country and Staffordshire must spend almost half their wages on mortgage
Prospective homebuyers are having to part with over half of their monthly salary to own a house in the Black Country and Staffordshire, research suggests.
Research carried out by comparison website Go Compare has revealed on average how much buyers would need to earn to afford a home in different areas of the region.
The data was calculated on a 90 per cent mortgage, with a 5.5 per cent interest rate over 25 years - it also assumed that a mortgage would take up one-third of a person's pre-tax income.
Dudley residents earn an average of £35,000 per annum with an average house price of £239,344. New owners would have to fork out £1,262 per month for a two-bed semi, on a wage that pulls in £2,355.92 after tax and National Insurance deductions.
In Walsall the average salary is £34,100 up against house prices of around £212,000 for a two-bed property, costing £1,120 per month in mortgage payments.
In Sandwell the average salary is £34,000 up against house prices of £202,000. Hopeful buyers will need to shell out £1,139 for mortgage payments, on a wage that nets £2,297.58 per month.
According to website Talent, Wolverhampton residents earn an average salary of £32,832 and the average house price is £197,983. Using the same calculations as above on Zoopla's mortgage calculator and based on a three-bed semi-detached home, it would cost its owner £1,031 per month.
