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.
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/
Help keep news FREE for our readers
Supporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism, then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. Read More About Supporting The West Wales Chronicle