House prices vs salaries: how much do you need to earn to get a mortgage and buy a home in different parts of the UK in 2024?
Buying a home is the single largest financial decision most people make — and the relationship between house prices and salaries in the UK has deteriorated sharply over the past two decades. Here's what the numbers actually look like in 2024.
| Region | Average house price | Median salary | Price-to-salary ratio |
|---|---|---|---|
| London | £502,000 | £44,370 | 11.3x |
| South East | £388,000 | £37,850 | 10.2x |
| East of England | £340,000 | £36,400 | 9.3x |
| South West | £310,000 | £33,200 | 9.3x |
| East Midlands | £243,000 | £32,800 | 7.4x |
| West Midlands | £248,000 | £33,100 | 7.5x |
| Yorkshire & Humber | £213,000 | £32,500 | 6.6x |
| North West | £218,000 | £33,000 | 6.6x |
| North East | £163,000 | £30,800 | 5.3x |
| Scotland | £196,000 | £34,000 | 5.8x |
| Wales | £213,000 | £31,200 | 6.8x |
Most UK mortgage lenders will offer between 4x and 4.5x your annual gross income. Some specialist lenders go to 5x or 5.5x for professionals (doctors, lawyers, engineers) with strong income trajectories.
| Region | Average house price | 10% deposit needed | Salary needed (4.5x) |
|---|---|---|---|
| London | £502,000 | £50,200 | £100,400 |
| South East | £388,000 | £38,800 | £77,600 |
| South West | £310,000 | £31,000 | £62,000 |
| West Midlands | £248,000 | £24,800 | £49,600 |
| North West | £218,000 | £21,800 | £43,600 |
| Yorkshire | £213,000 | £21,300 | £42,600 |
| North East | £163,000 | £16,300 | £32,600 |
| Scotland | £196,000 | £19,600 | £39,200 |
In London, buying an average-priced home solo is financially out of reach for almost everyone earning a typical salary. In the North East or Scotland, a salary of £32,000–£40,000 makes homeownership genuinely accessible.
Joint mortgages are typically calculated on combined income. A couple both earning £30,000 (combined £60,000) can borrow up to £270,000 — enough for the average property in most northern regions. In London and the South East, two decent incomes are still often insufficient for the average property without a significant deposit.
Use our salary checker to compare your earnings to regional house prices and affordability thresholds.
Check Your Salary →It varies hugely by region. In the North East, a salary of around £32,000–£36,000 makes homeownership realistic. In London, you'd need £80,000–£100,000+ to buy solo at average prices.
Most lenders offer 4–4.5x your gross annual salary. Some professional mortgages go to 5–5.5x. Joint applicants use combined income.
Yes, in many northern regions. On £30,000, you could borrow around £120,000–£135,000. With a 10% deposit saved, that gives a purchasing budget of around £133,000–£150,000 — sufficient for properties in many areas of Yorkshire, the North East, and parts of the Midlands.