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Owning a property used to be an easily attainable goal for many prospective buyers. However, in recent months, buying a property has become more challenging with demand outstripping supply, and the average UK house price now standing at £254,624. Currently, the UK housing market is a tough place for prospective homeowners, but what about elsewhere?
Despite the coronavirus pandemic, it seems 2021 has seen property prices soar in many countries across the world.
In fact, only three in 40 OECD countries have seen property values fall.
Research conducted by Investing Reviews has revealed the countries in the world with the least accessible property ladders in the world.
The site analysed several different factors from average wages to average property prices, and the cost of utilities.
The factors were combined into a Property Affordability Score which has been used to rank the countries.
Which country has the least accessible property ladder?
These are the homes where first time buyers have struggled the most to buy a property.
A plethora of factors including high property prices, low salaries and astronomical utility bills have determined these countries as the least affordable.
1. Luxembourg – affordability score: 2.84/10
Luxembourg was ranked as the country with the least accessible property ladder for first time buyers.
Properties in the small nation cost on average £751.16 per square foot.
The average price for a 495 square foot apartment is a staggering £371,824.
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2. Switzerland – affordability score: 3.11/10
The wealthy country has a pristine environment and is highly desirable.
The average price of a 495 square foot property is £338,766 with average utility costs coming to £156 per month.
3. South Korea – affordability score: 3.94/10
South Koreans are likely to find it hard to get onto the property ladder.
However, once they’ve bought a home, they are more likely to find it easier to afford utility and internet costs.
The average internet bill comes to just £17 per month on average while utilities come to £110 per month.
Japan, Israel and Norway rank in fourth, fifth and sixth place as the least affordable places to buy a home.
Germany, Austria, Australia and the UK complete the top 10.
Where does the UK rank?
The UK has the tenth least affordable housing market for prospective buyers, scoring 5.80 out of 10.
Low interest rates have made it more difficult for people to save up for deposits in recent years.
This coupled with spiking house prices makes the UK more difficult to access than many other nations.
According to the research, the average apartment in the UK costs £343.84 per square foot.
Which country has the most accessible property ladder?
1. India – affordability score – 9.33/10
India has the most affordable homes of all the G20, OECD and European Union countries.
Low salaries mean that the average apartment costs £63.30 per square metre.
Furthermore, internet bills come to just £8 per month on average, and utility bills cost £29 per month on average.
2. Turkey – affordability score – 9.29/10
With a relatively low house price to salary ratio, buying a home in Turkey is a realistic goal for prospective buyers.
The average price of a 495 foot apartment in the country costs just £24,146.
Low house prices coupled with low utility and internet bills makes Turkey an attractive option for buyers.
3. Bulgaria – affordability score – 8.88/10
Reasonable house prices and affordable bills put Bulgaria in third place.
However, the country also has a low average salary.
Mexico, Romania, Brazil, Russia, Colombia, Lithuania and Hungary complete the list in that order.
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