Amount you need to earn is even higher in one neighbouring district
06:00, 13 Jun 2021
Becoming a homeowner is a daunting prospect for many first-time buyers in Bristol, with prices and competition continuing to soar.
The gentrification of the city has led to many previously affordable areas becoming trendier and house prices being pushed up, like in St George and other BS5 postcodes.
Last week an expert predicted the next property hot spots in the area, with suburban areas on the fringe of the city apparently becoming increasingly popular as people seek less competitive.
We have taken a look at the latest average house prices recorded by Rightmove, compared to the basic Which salary calculator offering a rough estimate of mortgage offers, to come up with an idea of how much buyers would need to afford different parts of the region.
The figures below are based on the top end (best-case scenario) of the Which calculations for a mortgage, which usually would be 4.5 times the household income most lenders will stretch to, plus a 10 per cent deposit from the buyer.
Bristol
According to Rightmove, the average price paid for residential property in Bristol in the past year was £356,232 - up 12 per cent up on the previous year.
The majority were terraced properties, selling for £332,258 on average, with semi-detached properties selling for an average of £370,759.
Estimated household income you'll need to buy: £72,000
Flats are generally a more affordable option, with £271,282 recorded as the average price.
North Somerset
Properties in North Somerset had an overall average price of £341,540 in the last year, which is also up 12 per cent compared to the previous year.
Estimated household income you'll need to buy: £69,000
The majority were detached properties, selling for an average price of £458,559.
South Gloucestershire
House buyers in South Gloucestershire paid an average price of £323,880 in the past year, up seven per cent on the year before.
Estimated household income you'll need to buy: £65,000
The majority were semi-detached properties, selling for an average price of £304,056.
Bath and North East Somerset
High property prices in Bath are likely to bump up the average for the wider local authority area.
House prices across BANES in the past year were at £455,118, up 11 per cent compared to the previous year.
Estimated household income you'll need to buy: £92,000
The majority of sales were terraced properties, selling for an average price of £416,601.
Are you struggling to get a foot on the Bristol property ladder? We are keen to hear from you - email sophie.grubb@reachplc.com
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