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 Brackley – brace yourself!
The current average asking price of a property in Brackley is £296,530. This requires an annual salary of £56,011, which is nearly double the national average of £29,009 per year.
This huge disparity between the national average wage and the required wage to buy in Brackley makes it almost impossible to buy a property in your sole name unless you have a significant deposit amount. However, the good news is it’s very 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 place to live being Shildon, in the North East.
The average cost of a one bedroom flat in London would set you back a cool £453,981. This would mean you’ll need to be earning in excess of £85,752 per annum. While up in Shildon, North East an annual earning of £18,183 could buy you a semi-detached family home worth £96,267. It’s not that cold ‘up-north’ is it?
The surrounding areas current average asking price versus salary:
Buckingham – £312,995 versus £59,121.
Bicester – £325,327 versus £61,450.
Banbury – £259,099 versus £48,940.
Oxford – £538,525 versus £101,721.
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. The deposit amount you have will also influence the amount you can borrow and the number of mortgage deals available to you.
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!
Disclaimers and Sources.
Average house prices taken from Zoopla in November 2020.
Average National Wage taken from Findcourse.co.uk
Required salaries calculated based on 15% deposit and a typical 4.5x income multiplier.