Saving to buy a house?
Then you should probably pay attention to these stats. Housing charity Shelter has calculated that by 2020, the average first-time home buyer in England will need to earn an annual salary of £64,000 to secure a mortgage to buy an average-priced house. That's an increase of nearly a fifth on the £52,000 that a typical first-time buyer would need to earn today.
Shelter estimates the average home will be worth £270,000 by 2020 and that buyers will also need a deposit of £46,000 in order to secure a mortgage.
These figures are based on a single person working full-time – obviously, it would be easier if a couple were pooling their income and savings together to buy the home.
But can you guess how much you'd need to be earning to afford to buy a home where you live in 2020? There is only data for England, so apologies to everyone else.
Yes, you'll need to earn more than £100,000 a year AND pay a deposit of at least £138,000 in order to get a mortgage to buy an average-priced house in London, according to Shelter. The average house price in London is set to rise from £419,000 to £558,000 by 2020.
Plus you'll need a deposit of at least £61,000. The average house price in the south-east is £257,000 and is expected to rise to £316,000 by 2020.
That's a huge increase on the current median salary, which is in the region of £29,300. You'll also need a deposit of £51,000 to afford the average house, which will be worth £279,000 by 2020.
Plus you'll need a deposit of £47,000 to afford the average house, which will be worth £236,000 by 2020.
And that's a lot more than the current median salary in the region, which is £25,700. You'll also need a deposit of £28,000 to afford the average home, which will be worth £183,000 by 2020.
The median wage in the East Midlands is currently £25,600. And you'll also need a deposit worth £27,000 to afford the average home, which will be worth £175,000 by 2020.
The median salary in the region is £25,100. You'll also need a deposit of £25,000 to afford the average home, which will be worth £164,000 by 2020.
The median salary in the North West is £25,700. You'll also need a deposit of £25,000 to afford the average-priced home, which will be worth £165,000 by 2020.
It's £40,000 – the lowest of the lot.
The median salary in the North East is currently £25,200. And you'll need a deposit of £21,000 to be able to afford the average home, which will be worth £142,000 by 2020.
A note on the data: Shelter's projections are based on predictions from professor Paul Cheshire for Santander, which said house prices would rise 23% by 2020.
Shelter's analysis is based on the assumption that someone would take out a mortgage as a first-time buyer, and that mortgage advance-to-loan ratios will remain the same between 2015 and 2020.
Patrick Smith is a senior reporter for BuzzFeed News and is based in London.
Contact Patrick Smith at firstname.lastname@example.org.
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