Want to buy a house? This website will tell you where you can afford to live.
Many millennials have come to terms with the idea that we’ll probably never own a house. More of us are renting than ever before, and statistics suggest that by the end of 2021 a quarter of UK households will be private rental properties. And all the while, we’re forced to listen to baby boomers tell us we’d be able to buy our dream house if only we ate less avocado and went to fewer brunches.
That doesn’t stop us from dreaming, though – or saving. And now a new website, HomeFinder, can help us work out whether those dreams could, one day, become reality.
The site asks you to put in your annual salary, or combined salaries if you’re buying with someone else, asks whether you’re a first-time buyer and how much you have in your savings.
It then calculates how high a mortgage you’re likely to get.
So, for example, if you’re earning £30,000 a year, want to buy a property with a 10% deposit and have £1000 in savings and want to save around £300 a month towards a deposit, you’re likely to be able to afford a mortgage by 2023.
HomeFinder then shows you a map of where you could afford to live.
If you’re looking to buy a property in London, then we have some bad news for you – because the vast majority of London properties are depressingly unaffordable.
If you’re looking to live somewhere outside the capital, however, you might be in a bit more luck. According to research last year from Post Office Money, first-time buyers are starting to travel across the country to buy property – and of the 1,000 people polled, 70% said that they had “eventually settled on a home an average of 26 minutes from their original desired location”.
The research found that the top five most affordable cities in the UK were Southampton, Norwich, Nottingham, Liverpool and Plymouth – so if you’re looking to move away from London to buy property, these are your best bets.
Images: HomeFinder/ Erol Ahmed