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

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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.

Elsewhere in Wales, the study revealed that the average cost of a house in Newport is £224,440 and £279,982 in Cardiff, this can be seen when looking through properties on local sites like Nexa Properties South Wales

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.

Property Type Average Price Salary needed
Detached £232,602 £41,889
Semi-Detached £152,238 £27,416
Terraced £117,980 £21,247
Flat £92,586 £16,674

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 

Location Detached Semi-Detached Terraced Flat Average price Salary needed
London £889,308 £581,358 £506,179 £429,401 £601,562 £108,335
Cambridge £820,259 £486,797 £416,693 £273,966 £499,429 £89,942
Oxford £785,439 £495,353 £387,477 £264,118 £483,097 £87,001
Brighton £688,324 £450,193 £403,385 £302,180 £461,021 £83,025
Edinburgh £576,520 £364,937 £290,114 £210,166 £360,434 £64,911

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 

Location Detached Semi-Detached Terraced Flat Average price Salary needed
Burnley £162,429 £106,416 £72,682 £58,895 £100,128 £18,032
Stoke-on-Trent £170,421 £110,767 £86,216 £70,397 £109,450 £19,711
Blackpool £177,680 £121,840 £89,884 £68,723 £114,532 £20,626
Barnsley £191,925 £118,663 £94,765 £73,857 £119,803 £21,575
Middlesborough £208,963 £120,855 £84,846 £70,018 £121,171 £21,822

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/


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