A PROPERTY website has ranked postcode areas in Bournemouth, Poole and Christchurch from most to least affordable for first-time buyers.
Zoopla has looked at the average house prices by postcode area to show prospective buyers how much they would need to earn and save for a deposit to get the keys to their own home.
The website based its data on the average price of two/three bedroom homes - the most common type of property purchase for first-time buyers in Bournemouth.
It found the most affordable place for first-time buyers is central Bournemouth and West Cliff in the BH2 postcode area. Average property prices stand at £219,620 and require a household income of £46,277.
Other affordable areas include Springbourne, East Cliff and Boscombe. In Poole, the most affordable postcode areas are Canford Heath and Creekmoor in BH17, followed by Upton and Turlin Moor in BH16.
At the other end of the scale, the least affordable postcode area is BH13 – Canford Cliffs, Sandbanks, and Branksome Park. Average property prices stand at £406,497 and require a household income of £87,000.
Credit: Zoopla
Zoopla found the average first-time buyer property (two-to-three-bedroom house) in Bournemouth and the surrounding area costs £298,305, with the average deposit required standing at £47,304.
The average income required from a first-time buyer household is £62,809, meaning house prices are over 10 times average earnings – well above lenders’ typical four times earnings criteria for mortgages.
“We’ve looked at the average price of two-three bedroom homes, the most common type of property purchase for first-time buyers in Bournemouth. We’ve then taken the average mortgage advance from lenders in the region and worked out both the average deposit required and the amount that needs to be earned based on buyers being able to borrow up to four times their salary,” Zoopla said.
“One of your top priorities as a first-time buyer is to build a big deposit. This will allow you access to better mortgage rates, as you will be borrowing a lower percentage of the overall value of the property. Try to aim for a 10 per cent deposit at a minimum. It is possible to put down a deposit of just five per cent in some cases, but this will mean paying a higher interest rate on your loan – and result in larger monthly repayments.”
Credit: Zoopla
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