What it costs to become a home buyer
When house hunting and trying to take in the hefty price tags attached to certain properties, it is important to factor in how your salary will affect the affordability of a house.
Your income will have a big impact on the amount you can borrow for a mortgage, and it massively varies depending on where in Somerset you are.
If you are stepping onto the property ladder with a partner, this fortunately becomes a combined income.
So while to buy a home of average value in Bath you would need to have an income of £100,258, in Bridgwater it is just £40,181.
The average house prices have gone down across Somerset since the end of 2019, with the exception of Bath, where the average property price has risen.
The average house prices detailed below are provided by
Rightmove. Also shown below is the salary you need to purchase the “average” home, town by town across Somerset.
The figures are based on Which? guidance that says banks will usually lend up to four and a half times your salary, and the assumption that you have a 10 per cent deposit.
Bath
Average house price: £501,283 10 per cent deposit: £50,123 Need to borrow: £451,160 Minimum income needed: £100,258 Yeovil
Average house price: £207,877 10 per cent deposit: £20,788 Need to borrow: £187,089 Minimum income needed: £41,575 Taunton
Average house price: £234,999 10 per cent deposit: £23,500 Need to borrow: £211,499 Minimum income needed: £47,000 Frome
Average house price: £312,165 10 per cent deposit: £31,217 Need to borrow: £280,948
Minimum income needed: £62,430 Glastonbury
Average house price: £249,283 10 per cent deposit: £24,928 Need to borrow: £224,355 Minimum income needed: £49,857 Weston-super-mare
Average house price: £224,980 10 per cent deposit: £22,498 Need to borrow: £202,482 Minimum income needed: £44,996 Bridgwater
Average house price: £200,906
10 per cent deposit: £20,091 Need to borrow: £180,815 Minimum income needed: £40,181 Chard
Average house price: £211,851 10 per cent deposit: £21,185 Need to borrow: £190,666 Minimum income needed: £42,370 Burnham-on-sea
Average house price: £221,125 10 per cent deposit: £22,113 Need to borrow: £199,012 Minimum income needed: £44,225