New study reveals how much you need to earn to buy a house in Plymouth
New data from GoCompare has discovered the salary needed in cities across the UK in order to afford a property, revealing those buying a property in Plymouth at an average cost of £203,200 would need to earn on average £36,594 a year to afford a house, making it one of the more reasonable places in the UK to buy!
In the UK overall the new findings reveal that the average cost of a house in Plymouth is £231,946 which would need a salary of £41,771 to maintain - a fair increase from 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 Plymouth, naturally, a detached house is the most expensive costing the average person £322,662 needing an investment salary of around £58k.
|
Property Type |
Average Price |
Salary needed |
|
Detached |
£322,662 | £58,108 |
|
Semi-Detached |
£202,201 | £36,414 |
|
Terraced |
£170,976 | £30,791 |
|
Flat |
£116,960 | £21,063 |
Table 1 - Average price and salary needed for different property types in Plymouth
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. 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/
