The average house price in Bristol is over ten times higher than the average salary, with house prices having increased by 93 per cent over the last ten years in Bristol. This is compared to a 67 per cent increase for England and Wales.
The average salary in Bristol is currently £33,737 with the average house price in Bristol being £388,893, according to Zoopla. This means the average salary would allow you to buy a property for £151,816 calculated at a maximum mortgage rate of 4.5 times your salary - not much at that price in Bristol and this excludes other costs such as deposit, stamp duty or any other fees.
Dominic Wyatt from Bristol Property Centre said entering the property market for prospective single buyers was “incredibly difficult”, as well as for lower income earners and would generally require a large deposit. He said most home buyers rely on dual income and the disparity gap between salaries and property prices has continued to rise.
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He highlighted that according to the Land Registry, in 1990 the average house price at national level was £57,000 and average salary £20,000. By 2020 the gap had grown with an average property price of £230,000 set against an average salary of £30,000.
Wyatt said that despite this increasing gap, the property market remained resilient going into 2023. “There was a minor drop in November and December, but the start of the year has seen good sales. I think prospective buyers have realised rates are not going to pull back to what they were and there’s a lot of interest in the market,” he said, adding the rental market remained strong.
Halifax Mortgages director, Kim Kinnaird said in December that the average home in the UK was £281,272, putting Bristol at over £100,000 ahead of the national average. Kinnaird said the cost of an average home remained high across the UK.
“As we enter 2023, the housing market will continue to be impacted by the wider economic environment and, as buyers and sellers remain cautious, we expect there will be a reduction in both supply and demand overall, with house prices forecast to fall around 8% over the course of the year. It’s important to recognise that a drop of 8% would mean the cost of the average property returning to April 2021 prices, which still remains significantly above pre-pandemic levels,” said Kinnaird.
Here are the average house prices for different parts of Bristol, according to Zoopla and the annual income you will need to earn in order to obtain a mortgage :
Bedminster
Average house price: £388,142
Household income you’ll need to buy: £86,253
St Pauls
Average house price: £278,700
Household income you’ll need to buy: £61,933
Brislington Hill
Average house price: £353,262
Household income you’ll need to buy: £78,502
Knowle
Average house price: £358,906
Household income you’ll need to buy: £79,756
Greenbank
Average house price: £328,300
Household income you’ll need to buy: £72,955
Redland
Average house price: £553,740
Household income you’ll need to buy: £123,053
Montpelier
Average house price: £465 615
Household income you’ll need to buy: £103,470
Clifton
Average house price: £633,521
Household income you’ll need to buy: £140,782
Bishopston
Average house price: £605,989
Household income you’ll need to buy: £134,664
Filton
Average house price: £325,463
Household income you’ll need to buy: £72,325
Lockleaze
Average house price: £322,000
Household income you’ll need to buy: £71,555
Westbury-on-Trym
Average house price: £519,846
Household income you’ll need to buy: £115,521
Southmead
Average house price: £268,482
Household income you’ll need to buy: £59,662
Lawrence Weston
Average house price: £229,340
Household income you’ll need to buy: £50,964
Hengrove
Average house price: £317,651
Household income you’ll need to buy: £70,589
Hartcliffe
Average house price: £233,850
Household income you’ll need to buy: £51,966
Kingswood
Average house price: £289,888
Household income you’ll need to buy: £64,419
Fishponds
Average house price: £304,507
Household income you’ll need to buy: £67,688
Bradley Stoke
Average house price: £344,903
Household income you’ll need to buy: £76,645
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