Study shows Burnley homeowners take just 57 days to earn average annual mortgage cost

Burnley has once again been named as the cheapest place in the UK to live relative to local wages, with a new study revealing that renters need to work an average of 55 days to afford annual rent payments.

Friday, 2nd November 2018, 11:55 am
Updated Friday, 2nd November 2018, 12:58 pm
Burnley has again been proved as the cheapest place in the UK to live.

The research, carried out by MyVoucherCodes, looked at the property market and local wages in the UK's 63 largest towns and cities and shows that on the local wage, people in Burnley would have to work the lowest number of days in order to be able to afford enough to cover the average annual mortgage payment, an average 10% deposit, and the average annual rent.

With the average 10% deposit on a Burnley home being £10,289 and the average daily wage in the town being £91.72, it would take someone just 112 days to earn the cash to cover their deposit. Compare this to London, where people need to save for 516 days to earn the average 10% deposit of £74,970.40 despite boasting an average daily salary of £145.34.

For those reluctant to buy, the renting scene in Burnley is similarly welcoming, with the average weekly salary of £459 meaning that it would take just 55 days to earn the average annual rent of £5,088. Once again, London sits at the opposite end of the spectrum where earning the astronomical annual rent of £38,520 on the average weekly salary of £727 takes more than an entire working year - a somewhat unsustainable equation.

Deposit paid and a mortgage secured, those in Burnley can sleep easy knowing that on the average annual wage of £23,847.20 it would take just 57 working days to earn enough to cover a year's worth of monthly £439 mortgage payments. Not to sound repetitive, but heading back to London (where the average mortgage debt is an eye-boggling £674,733.60) earning the average salary of £37,788.40 means that it again takes more than a year to earn enough to cover the average annual mortgage payment of £38,388.