People looking to buy even the smallest property in mid-Essex need to be earning in excess of £25,000.

First-time buyers wanting to buy a one-bedroom flat in Braintree need to be earning almost a quarter of the £110,000 average price to get a 100 per cent mortgage.

A couple looking to buy the same property would need a joint income of about £36,000 for a 100 per cent mortgage and a person on their own about £27,000.

Problems can also be found by people wanting to buy bigger properties because the average wage for women in Essex is £19,626 and for men £28,072.

House hunters looking at buying the average three-bedroom semi, costing £180,000, would need to earn a minimum of £45,000. A couple wanting to buy the same house would need a joint income of more than £60,000.

Grant Kingston, an independent financial advisor at Chapel Independent Financial Advisers, Rayne Road, Braintree, said: "Some lenders are more lenient where you have a deposit.

"Some take the view that if people have been living at home and not managed to save any money it will be a shock to have the repayments every month."

But Mr Kingston added: "There are just as many people wanting to buy. First-time buyers are concerned about getting on the property ladder."

Published Monday January 19, 2004

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