Where You Can Live, Based On Your Hourly Income
Published: 31st August 2017
Undoubtedly the overarching limitation when looking at moving or buying a house is cost. Whether you can afford the initial deposit and then the payments afterwards. And one of the deciding factors on a property’s value is the location. Similar sized houses will not cost the same in London as they will in Wakefield or Barnsley, for example.
Because of this, most people start their property search with certain areas in mind. While this is a sensible approach, we have found that once people have an area in mind they often do not deviate from it. Which is a shame, as often they may be missing out on their dream home, simply because they do not know where abouts they can afford to live.
This is why the nice folks at Web Blinds created their interactive map. This map allows you to put in your ideal post code and it will tell you what hourly rate you need to be earning to be able to afford to live there, and the costs of the surrounding areas.
Not only is this map very useful, but it also reveals some interesting things about property prices in the UK, and the disparity between them.
Unsurprisingly there is a general divide between the north and south, with properties in the north being generally cheaper.
The top 10 most affordable properties, by hourly rate, are:
- TS2 Middlesbrough £2.15; 2. G34 Glasgow £3.51; 3. DN31 Grimsby £3.93; 4. TS1 Middlesbrough £3.94; 5. BD1 Bradford £4.01; 6. SR1 Sunderland £4.01; 7. CF42 Ferndale £4.07; 8. NP24 New Tredegar £4.44; 9. TS3 Middlesbrough £4.85; 10. CF42 Treorchy £4.86
And the top 10 most expensive, which unsurprisingly are all in London, are:
- SW7 £186.66; 2. W8 £180.27; 3. SW3 £170.32; 4. W11 £153; 5. W1B £143.97; 6. W1C £143.97; 7. W1D £143.97; 8. W1F £143.97; 9. W1G £143.97; 10. W1H £143.97
This above figures are all based on the assumption that you will be spending 35% of your income on your mortgage, which is the national average.
Regardless of value, when you instruct Liddy’s to handle your property purchase you will receive the same excellent service from start to finish. To find out more about how we can help you, whether it is your first home, or your fourth, just call us on 01924 366 896.