Are you a first time buyer trying to get on the property ladder, but struggling to find something affordable? If so, you will relate to the majority of UK respondents who took part in Monster’s latest online poll, who claim that buying a house on their currently salary is a long shot.
The Monster Meter asked: Do you think buying a house on your current salary is unrealistic? Nearly 3,000 people responded, revealing:
52% (1,432) - Yes - I live in the South
25% (671) - Yes - I live in the North
15% (413) - No - I live in the South
8% (231) - No - I live in the North
Contrary to the widely-held belief that property in the North of England is more affordable than the South, the Monster Meter results show that it’s all relative: almost the same percentage of Northerners (74%) and Southerners (78%) feel that it’s unrealistic to expect to buy a house whilst earning their current salary.
A paltry 23% of voters feel that it’s feasible to enter into the property market. This may come as no surprise, given that property prices rose by nearly 14% in 2003, according to the Permanent TSB House Price Index. The majority would argue that 14% is much higher than any wage increase they received.
Hernan Daguerre, director of communications, Monster.co.uk, comments The current situation for first-time buyers in the housing market means that it is more important than ever to save money, as getting a deposit together is the first step to buying property. It’s also time for people who have perhaps not had a pay rise for a couple of years to consider approaching their boss. Early signs of growth in the economy show that companies may be in a better position to consider requests for salary increases. People should also ask themselves whether it’s time for a new job, as this is usually the best way to achieve considerable salary improvements.
The results of the current Monster Meter are based on votes cast by Monster.co.uk visitors from 2nd -16th February 2004. Only one vote per user is counted toward the final tabulation. The Monster Meter, a product of Monster, the leading global online careers site and flagship brand of Monster Worldwide Inc., is a series of online polls that gauge users’ opinions on a variety of topics relating to careers, the economy and the workplace. Anyone interested in voting in Monster’s current online poll may do so by logging onto
No North-South divide when it comes to bricks and mortar
77% of voters cannot afford to buy a house on current earnings