It’s well known that the cost of properties in the UK compared to the UK national average wage is somewhat out of balance. But just how much do you need to earn to buy a home in Bicester – brace yourself!
The current average asking price of a property in Bicester is £328,129. This requires an annual salary of £65,626 which is considerably more than the national average of £38,600 per year.
This huge disparity between the national average wage and the required wage to buy in Bicester makes it challenging to buy a property in your sole name unless you have a huge amount of cash stashed away for a large deposit. The better news is it’s much more realistic to buy a property in joint names.
My research also showed a dramatic difference up and down the country, with the most expensive place to live inevitably being London and the most affordable area to live being Hartlepool in the North East.
The average cost of a home in Central London would set you back a cool £1,293,667. This would mean you’ll need to be earning in excess of £244,359 per annum. While up in Hartlepool, North East an annual earning of £15,690 could buy you an average priced terraced home family home worth £78,446. Wow – It’s not that cold ‘up-north’ is it?
Now let’s take a look at the surrounding areas current average asking price versus salary required:
Buckingham – £302,516 versus £60,503
Brackley – £299,748 versus £59,949
Banbury – £248,517 versus £49,703.
Oxford- £498,158 versus £99,632
It’s also worth remembering that house prices will fluctuate depending on what type of property you would like to buy whether that be a flat, semi-detached or country mansion.
Before you think about robbing a bank, did you know there is another way to borrow more money on your mortgage with the support of a family member. Talk to me to find out more!
Thank you for reading my latest blog, if you have any questions or would like some professional, friendly mortgage advice then feel free to get in touch
Disclaimers and Sources.
Average house prices taken from Zoopla in February 2021.
Average National 2020 Wage taken from Findcourse.co.uk
Required salaries calculated based on minimum 10% deposit and a typical 4.5x income multiplier.