THE salary needed to buy a home in Pembrokeshire can be calculated with the help of property experts.
Go.Compare has a tool to give would-be buyers an idea of the salary needed to buy a home in different areas of the UK.
The calculations are based on a 90 per cent mortgage with an example 6.5 per cent interest rate over 25 years.
Although the tool does not have any options for buying in Pembrokeshire, we have taken a look at last year’s average house prices on Rightmove from several areas across the county, and compared them with similarly priced areas on the Go.Compare tool.
According to Rightmove, the average house price in Pembrokeshire in the last year was £250,465.
For detached houses, that figure was £337,957, for semi-detached houses it was £207,877, and for terraced homes it was £172,756.
Looking at the Go.Compare calculator, Rochdale has similar average house prices for detached and semi-detached homes. The average price of a detached house in Rochdale is £337,778, while the average semi-detached home costs £207,905.
Using the tool, it is estimated that a salary of £73,894 would be needed to purchase a detached house at this price, while one of £45,482 would be required to buy a semi-detached house.
The price of a terraced house in Telford (£168,813) is the closest to the Pembrokeshire average on the Go.Compare tool – so a salary of just over £36,930 would be needed to buy a house of this type in Pembrokeshire.
In Haverfordwest, the average price of semi-detached houses last year was £201,262. To buy a semi-detached home in Bolton – where the average price was £200,831 – a salary of £43,935 is recommended.
A terraced home in Haverfordwest cost an average of £152,377 last year, similar to the £152,275 price in Swansea. According to the tool, a salary of £33,312 would be needed to buy one of these homes.
The average price of a terraced home in Milford Haven – £138,877 – was similar to those in Wigan – £139,136. The Go.Compare tool said a salary of £30,438 would be needed to buy a property of this value.
A terraced house in Pembroke had an average price of £180,786. Buyers of terraced houses in Newport – with an average price of £178,180 – would need a salary of £38,979, according to the tool.
In Fishguard, the average price of a terraced house was £159,591. To buy in Derby – where the average price is £158,947 – a yearly wage of £34,772 would be needed.
A flat in Tenby would cost an average of £289,864, while the average terraced home would cost £366,500.
The Go.Compare tool said that a salary of £63,460 would be needed to buy a flat in Oxford – with an average value of £290,081, while £79,688 would be needed to buy a terraced home in Bristol – where the average price is £364,260.
In Narberth, the average price of a detached home was £358,414 last year. According to the salary calculator, a yearly wage of £78,599 would be needed to buy a detached house in Telford – where the average price is £359.281.
The average price of a detached house in St Davids last year was £426,500. To buy a similarly-priced detached house in Gloucester – with an average price of £422,537 – would need a salary of £92,437.
Go.Compare said that to determine affordability, the tool uses an example of housing costs being one third of your take-home pay.