YOUNG PEOPLE hoping to buy a home in Ascot need an hourly wage of £56.06, newly released figures claim.

According to homeless charity Shelter a deposit should be no more than 35 per cent of a person’s annual income. 

Ascot is in the top ten most expensive places in the UK to buy a home, with Virginia Water topping the list with a staggering £84.84 per hour needed, using Shelter’s 35 per cent figure.

To scoop up a property in Ascot with a 20 per cent deposit, and taking a 25-year term with a 2.63 per cent interest rate, you would need to earn over £50 an hour to pay back the mortgage.

Wokingham did not fare much better, with residents needing to earn £34.60 an hour to pay back their mortgage. 

The figures were created by taking into account the average house price, then comparing it with a 20 per cent deposit on a 25-year term. 

The cheapest list was also revealed, with seven out of ten towns in South Wales. 

This news comes at the same time as the Local Government Agency warns that not enough new homes are being built.

The LGA’s report, ‘The Quality of Housing’, stated: “The country has not built enough homes for decades. As a result, existing homes must house more people and last for much longer, which has led to the country spending nearly as much on the repair and maintenance of existing homes as it does building new ones.”