New study reveals how much you need to earn to buy a house in Swansea

New data from GoCompare has discovered the salary needed in cities across the UK in order to afford a property, revealing those buying a house in Swansea which has an average price of £167,607 would need to earn £30k a year to afford it, making the city one of the more affordable locations in the UK to buy a property.

In the UK overall the new findings reveal that the average cost of a house in Swansea is £167,607, which would need a salary of £30,184 to maintain -just above the national average salary of £29k.

The study analysed 2020 house prices across the nation to find the most expensive and affordable locations to buy a property – and the salary needed to purchase a home in the UK’s major towns and cities.

Comparing the standard property types of detached, semi-detached, terraced houses and a flat in Swansea, and, naturally, a detached house is the most expensive costing the average Brit £232,602 needing an investment salary of over £41k!

For those looking for something more affordable than a house in Swansea, a flat is the best option, at an average price of £92,586 residents would need a salary of £16,674 to afford it.

Table 1 – Average price and salary needed for different property types in Swansea

These are the 5 most expensive locations to buy a home in the UK 

It’s no surprise that London tops the list for most expensive, a detached house in the capital costs close to a million, at an eye-watering £889.308.

Flats in London are also highly-priced, costing an average of £429,401, added Nexa Properties. For those with dreams of living in the big city, they’ll need an average of £108,335 to buy a home. For the more affordable flat, prospective owners would need a salary of £77,331.

Following London are Cambridge, Oxford and Brighton all in the south, whilst the only northern city to place on the most expensive list is the capital of Scotland – Edinburgh, where the average home price is £360,434.

These are the 5 most affordable locations to buy a home in the UK 

The most affordable place to live in the UK is in Burnley, where the average cost of a property is £100,128 needing a salary of just over £18k to make ends meet. In the city, a detached house would cost 162k, while a flat is even more affordable at £58,895!

Northern cities are the most affordable locations for prospective homeowners, as you can buy a detached house in Stoke-on-Trent, Blackpool and Barnsley for less than £200k. The cheapest home to buy in the entire UK is a flat in Burnley which costs an average of £58,895, which requires a salary of just £10k to maintain comfortably.

Discover the cost of properties across the UK in the full report: https://www.gocompare.com/home-insurance/salary-to-buy/