First-time buyers are having to boast salaries of more
than £100,000 - almost four times the national average - to take advantage of
new state-backed mortgages, it has emerged. Labour warned that home ownership
was “increasingly out of reach for young people on low and middle incomes” as
Government figures exposed the relatively high wages needed to take advantage
of its Help to Buy scheme. A CLG analysis shows the average applicant to the
scheme was on just over £47,000 - with the figure rising to just short of
£65,000 for Londoners. By contrast, the average annual salary is £26,500. Read
more on the Huffington Post website.
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