A new study has found that you would need a salary of £73,000 per year to afford the average house in Edinburgh.
The capital is known for its high property prices, however the city is now in the top five most expensive locations in the UK to buy a home.
In a study by GoCompare, analysts looked at 2020 house prices across the nation to find the most expensive and affordable locations and the salary you would need to go with them.
Unfortunately, it proved that living in Edinburgh is definitely not a bargain, with the average house price in the city currently sitting at a cool £410,324.
If you were looking to buy this home, you would need to be on a salary of around £73,000 per year, a sum which most will definitely not be.
There are cheaper options available such as flats and terraced houses, but even the average flat in Edinburgh has been shown to cost around £210,166, requiring a salary of £37,849.
Unfortunately the prices only rise from here, with the average prices as follows:
- Terraced house - average price £290,114 with required salary of £52,247
- Semi detached house - average price of £364,937 with required salary of £65,721
- Detached house - average price of £576,520 with required salary of £103,825
Elsewhere in the UK London was found to be the most expensive location, followed by Oxford and Cambridge.
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Scotland's most affordable city was found to be Dundee, where the average home would only require a salary of £33,000.
Outside of Scotland, Northern cities are the most affordable locations for prospective homeowners, as you can buy a detached house in Stoke-on-Trent, Blackpool and Barnsley for less than £200k.
The cheapest home to buy in the entire UK is a flat in Burnley which costs an average of £58,895, which requires a salary of just £10k to maintain comfortably.
