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Tuesday, 16 October 2007 |
How many years work does it cost to buy a house?
Bulgaria has the least affordable property for its domestic citizens in the European Union, according to new research. Although the eastern European country has some of the lowest prices on the continent - with an average property costing just €54,570 - low average earnings mean property remains expensive, according to property search engine Properazzi. An average wage of €1,884 means it costs the equivalent of 29 years' salary to make a property purchase in Bulgaria.
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This compares to an average of just nine years in the UK. The average property price in the UK is €344,980 – the highest in Europe - compared to an average wage of €38,538; equating to nine years' salary to buy a house.
"The daily story is one of British buyers struggling to afford property but the figures show otherwise," commented Properazzi chief executive Yannick Laclau. "Although property prices are high, getting on the property ladder in the UK is actually easier than in many other countries. Only Scandinavia and Germany are clearly more affordable."
Denmark comes top of the affordability league. The average property costs €221,000 but the highest average wages in Europe, €41,736, mean a house costs only 5.3 years' salary to purchase. Sweden and Finland follow close behind, with averages of 5.4 and 5.5 years' respectively.
Among western European nations Spain has the lowest level of property affordability with 12 years worth of salary required to meet the costs of a property.
Poland and the Czech Republic are among those lower down the affordability ladder, with 15.6 and 11 years' salary required to buy a property in each country respectively.
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