According to a report released in June of this year, house prices across the UK will rise by 1.5 per cent. The House Price Index, written by property experts at Zoopla, revealed that house prices across all areas have risen.
In June, the report found that prices in Bristol were decreasing by 0.2 per cent however. The bucking of the trend has revealed that on average, the price of a house in Bristol sold within the previous 12 months was £371,834, down from £395,043 a year ago.
Whilst all this may sound decent for those living in the city, or wanting to move to Bristol, what does that mean for the average working person hunting for a house? According to talent.com, the average Bristolian makes £35,000 a year.
Bristol Live did the basic calculations to see how much you would need to earn as a household in order to afford a mortgage within 25 different areas of Bristol. We based the calculations on the fact that most lenders would consider lending 4.5 times a borrower’s income as long as finances meet their criteria. As an average, a house in Bristol would need a household income of £82,630 in order to buy, according to our calculations.
It should be noted that other factors, including deposit size and spending habits, will also affect the amount lenders will agree to, meaning the figures below should be taken as a rough guide. The data uses the average price of a house sold within the last 12 months in each area which was correct at the time of writing.
Avonmouth
Average house price sold: £200,250
Household income needed to buy: £44,500
Barton Hill
Average house price sold: £301,289
Household income needed to buy: £66,953
Bedminster
Average house price sold: £387,797
Household income needed to buy: £86,177
Bishopston
Average house price sold: £550,024
Household income needed to buy: £122,228
Bishopsworth
Average house price sold: £279,015
Household income needed to buy: £62,003
Brislington
Average house price sold: £352,572
Household income needed to buy: £78,349
Bristol city centre
Average house price sold: £341,797
Household income needed to buy: £75,955
Clifton
Average house price sold: £652,223
Household income needed to buy: £144,938
Eastville
Average house price sold: £323,075
Household income needed to buy: £71,794
Easton
Average house price sold: £332,430
Household income needed to buy: £73,873
Fishponds
Average house price sold: £295,873
Household income needed to buy: £65,750
Hartcliffe
Average house price sold: £271,758
Household income needed to buy: £60,391
Horfield
Average house price sold: £438,641
Household income needed to buy: £97,456
Knowle
Average house price sold: £343,495
Household income needed to buy: £76,332
Lawrence Weston
Average house price sold: £248,214
Household income needed to buy: £55,159
Montpelier
Average house price sold: £395,437
Household income needed to buy: £87,875
Redfield
Average house price sold: £330,279
Household income needed to buy: £73,395
Redland
Average house price sold: £720,615
Household income needed to buy: £160,137
Shirehampton
Average house price sold: £323,518
Household income needed to buy: £71,893
Southmead
Average house price sold: £321,090
Household income needed to buy: £71,353
Southville
Average house price sold: £446,490
Household income needed to buy: £99,220
St George
Average house price sold: £327,113
Household income needed to buy: £72,692
St Pauls
Average house price sold: £289,122
Household income needed to buy: £64,249
Totterdown
Average house price sold: £360,046
Household income needed to buy: £80,010
Westbury-on-Trym
Average house price sold: £519,201
Household income needed to buy: £115,378
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