The salary you need to earn to buy your first house in each Lancs area
Written by Skywave Radio News on July 21, 2020
After four months of lockdown and staring at the same four walls, its only natural that some of us will be getting itchy feet and craving a new place to call home.
For some it will mean buying a home for the first time, and getting your foot on the property ladder can seem like one of life’s biggest challenges.
We are perhaps all guilty of browsing through property sites and picturing ourselves in a million-pound fantasy house, however the reality for most people is likely to be much less luxurious.
Housing developments seem to always be popping up across Lancashire and house prices in some areas can be much higher than others.
There is also no point looking around if you won’t get a mortgage in that area.
Research carried out by has revealed exactly how much you’ll need to earn to buy your first home home in every Lancashire borough.
Looking at all 14 locations in county, the property site then compared what homes were worth with average local wages.
Interestingly, Rossendale and the Ribble Valley have the most expensive average house prices for first time buyers at £175,000.
The most affordable place to buy a first house is Pendle and Hyndburn at £110,000.
The prices are all based on research carried out before lockdown.
This is how much you will need to earn to buy a home in Lancashire:
Lancaster
Household income you’ll need to buy: £155,000
Average house price for first time buyers: £34,500
Most common property for first time buyers: Two-bedroom terraced
Wyre
Household income you’ll need to buy: £149,000
Average house price for first time buyers: £31,000
Most common property for first time buyers: Three-bed semi-detached
Blackpool
Household income you’ll need to buy: £25,500
Average house price for first time buyers: £155,000
Most common property for first time buyers: Three-bed semi-detached
Fylde
Household income you’ll need to buy: £36,750
Average house price for first time buyers: £164,950
Most common property for first time buyers: Three-bed semi-detached
West Lancs
Household income you’ll need to buy: £36,750
Average house price for first time buyers: £165,000
Most common property for first time buyers: Three-bed semi-detached
Chorley
Household income you’ll need to buy: £33,250
Average house price for first time buyers: £149,950
Most common property for first time buyers: Three-bed semi-detached
South Ribble
Household income you’ll need to buy: £31,000
Average house price for first time buyers: £139,950
Most common property for first time buyers: Three-bed semi-detached
Preston
Household income you’ll need to buy: £36,750
Average house price for first time buyers: £165,000
Most common property for first time buyers: Three-bed semi-detached
Ribble Valley
Household income you’ll need to buy: £39,000
Average house price for first time buyers: £175,000
Most common property for first time buyers: Three-bed semi-detached
Pendle
Household income you’ll need to buy: £24,500
Average house price for first time buyers: £110,000
Most common property for first time buyers: Two-bed terraced
Burnley
Household income you’ll need to buy: £27,750
Average house price for first time buyers: £125,000
Most common property for first time buyers: Two-bedroom terraced
Rossendale
Household income you’ll need to buy: £39,000
Average house price for first time buyers: £175,000
Most common property for first time buyers: Three-bed semi-detached
Blackburn with Darwen
Household income you’ll need to buy: £30,500
Average house price for first time buyers: £136,750
Most common property for first time buyers: Two-bedroom terraced
Hyndburn
Household income you’ll need to buy: £24,500
Average house price for first time buyers: £110,000
Most common property for first time buyers: Three-bed semi-detached
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