The salary needed to buy a first time buyers flat has decreased from £52,015 in the first quarter of 2008 to £50,535 (assuming 3.25x mortgage and 5% deposit) as the average cost of such a property has declined from £177,948 last quarter to £172,833 in quarter 2 of 2008 representing a 5.2% reduction over the year.

Median household income now stands at £29,950 per annum. The average 1 bedroom flat costs almost 6 times the median household annual Income and a 3-bed house now costs over 10 times median annual income.

For a full copy of the report click below.

Click here to download Brighton & Hove Housing Costs Update. Q2. 2008