As a single, freelance worker, my circumstances over the last decade have fluctuated dramatically; from house-sharing to living on and off with family, to months spent in warmer climes. While each comes with benefits – savings, meeting new people, slow living – there’s always a perpetual niggle: a desire for a place to call my own.
After a brief hiatus at the family home late last year, I decided it was time to address the reality I’ve long been trying to outrun – decision paralysis set against a graveyard backdrop of almost-futures. At 39, the realisation I must carry myself in a world designed for two looms larger every year. It was just the small matter of getting around Britain’s notorious housing crisis.
A recent analysis of Land Registry and HMRC figures shows the average house price in the UK is around £347,000, meaning a solo buyer would need a salary of around £65,000 – which is brought home by just 10 per cent of the UK’s top earners. In London, property prices skyrocket to £670,598, meaning a single buyer would need to earn £125,737 to afford an average property even with a 25 per cent deposit – a figure feasible for just 2 per cent of UK workers.
Shorts
By contrast, the northeast is the most forgiving place for single buyers who would need a £34,296 annual income to afford an average-priced home at £182,915. However, the average salary for the area still falls short by some £400.
