SLOUGH has been listed in the top 10 most expensive towns for first-time buyers, new figures show.

According to online mortgage broker, Mojo Mortgages, Slough is ranked eighth in the country’s least affordable locations.

Research shows first-time buyers need to borrow up to five and a half times their salary to get on the property ladders in the area.

Homes in Slough typically average at more than £457,000, compared to the national average of £287,830.

With residents typically earning £33,198 a year, a couple who’d saved a 15 per cent deposit would have to borrow five and a half times their salary for a mid-market home.

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Up there with Slough in the top 10 Bath, Oxford, London, Poole, Brighton, Guildford, Watford, Exeter and Cambridge.

Richard Hayes, CEO and co-founder at Mojo Mortgages, said it’s further evidence that first-time buyers are being squeezed out of the town where they grew up or work. 

He said: “First-time buyers could now borrow as much as seven times their salary – but this would be a big stretch for many couples who would struggle to buy a property in Slough.

“Lack of affordable housing has repercussions, not only for the individuals involved but the wider economy and community if workers in lower-paid jobs are priced out of the market.”

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Mr Hayes added it’s important that buyers weigh up whether the location offers the best quality of life for them.

He said: “Enabling people to borrow more might help them onto the property ladder but much will depend on their circumstances as lenders and brokers must apply strict affordability checks.”

Visit Mojo Mortgages for the full research.