Express & Star

Prospective buyers in Black Country and Staffordshire must spend almost half their wages on mortgage

Prospective homebuyers are having to part with over half of their monthly salary to own a house in the Black Country and Staffordshire, research suggests.

Perdip Johal, 35, owner of Whitegates Wolverhampton Lettings & Estate Agents, said the market is is 'weird at the moment'

Research carried out by comparison website Go Compare has revealed on average how much buyers would need to earn to afford a home in different areas of the region.

The data was calculated on a 90 per cent mortgage, with a 5.5 per cent interest rate over 25 years - it also assumed that a mortgage would take up one-third of a person's pre-tax income.

Dudley residents earn an average of £35,000 per annum with an average house price of £239,344. New owners would have to fork out £1,262 per month for a two-bed semi, on a wage that pulls in £2,355.92 after tax and National Insurance deductions.

In Walsall the average salary is £34,100 up against house prices of around £212,000 for a two-bed property, costing £1,120 per month in mortgage payments.

In Sandwell the average salary is £34,000 up against house prices of £202,000. Hopeful buyers will need to shell out £1,139 for mortgage payments, on a wage that nets £2,297.58 per month.

According to website Talent, Wolverhampton residents earn an average salary of £32,832 and the average house price is £197,983. Using the same calculations as above on Zoopla's mortgage calculator and based on a three-bed semi-detached home, it would cost its owner £1,031 per month.

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