Have you ever looked at the cheapest properties in Bournemouth and wondered what you would have to earn in order to buy them?
We all know that Bournemouth is home to some pricey and luxurious places- but there are also some more affordable options out there too, especially if you are looking to buy a flat or apartment.
We have already looked at the average salary you need to afford the most expensive homes in the area- now it’s time to look at properties on the other end of the price spectrum.
It's important to note that there are many factors that impact the cost of a mortgage and lenders assess affordability on a case by case basis- salary isn’t the only deciding factor.
Tom Newcombe, mortgages spokesperson for MoneySuperMarket said: “Affordability depends a lot on a customer’s outgoings as well as income, but in general lenders will hardly ever lend above five times your income- for most people, four and a half times will be the limit.”
Tom added that “the general rule is that you shouldn’t spend more than 30% of your monthly income on a mortgage” if you want to pay the bills and still live comfortably- but this does depend on the customer’s circumstance.
Overall, Mr Newcombe explained that you should ”weigh up your personal circumstances only commit to paying what you can comfortably afford.”
How we did the maths
Our estimations are based off the MoneySupermarket recommendation that your mortgage should only take up 30 per cent of your total annual income- that’s if you still want money for the finer things in life.
The figures are also estimates based on a 2 per cent interest rate, 10 per cent deposit and a 25 year repayment term.
With that being said, here are some of the cheapest properties for sale in Bournemouth- and the estimated salary you would need in order to buy them.
The cheapest flats and apartments
If you are on a budget, flats and apartments are the cheapest properties to buy in Bournemouth.
Here is the estimated salary you will need to buy some of them:
Christchurch Road
Cost of property: £85,000
Estimated annual mortgage cost: £3888
Annual salary when mortgage is 30% of total: £12,960
Right now, this is one of the most affordable properties on the market in Bournemouth.
The studio apartment may be small, but it has a lot to offer the new buyer.
Described as “surprisingly spacious”, the property has high ceilings and a sizeable living space.
The kitchen has a modern aesthetic and there are plenty of worktops and storage options to choose from.
Christchurch Road, Boscombe
Cost of property: £89,950
Estimated annual mortgage cost: £4,116
Annual salary when mortgage is 30% of total: £13,720
On the market for a one bedroom flat?
Like the previous listing, this property is on Christchurch Road but this one has a little more space.
This would be a great investment property, or first time buy for those hoping to get on the property ladder.
The bedroom is big enough to accommodate a double bed and both the kitchen and bathroom have a modern aesthetic.
Best of all, the flat is within walking distance of 5* rated sandy beaches.
Winifreds Road
Cost of property: £95,000
Estimated annual mortgage cost: £4,344
Annual salary when mortgage is 30% of total: £14,480
This two bed flat is on the market for £95,000.
It’s a retirement property with an over 60s policy in place.
The property itself can be moved straight into- but some modernisation and updating might be required.
The flat is within walking distance to the town centre and the new owners have access to communal grounds.
The cheapest houses
Houses in Bournemouth can be expensive, especially if you are a first time buyer hoping to get your foot on the property.
However, we have tracked down three of the most affordable houses available right now- and also calculated the salary you will need to buy them.
According to Plumplot, the average salary in Bournemouth is £35.9K and every house listed is below this average.
Wallisdown
Cost of house: £170,000
Estimated annual mortgage cost: £7776
Annual salary when mortgage is 30% of total: £25,920
This one bedroom property is on the market for £170,000.
According to our calculations, you need to earn around £26,000 per year in order to live here comfortably.
The bedroom is big enough to accommodate a double bedroom- it also has its own built in wardrobe.
Best of all, the new owner will have access to their own private garden which is mainly laid to lawn and has space for a shed.
Admiralty Road, Southbourne
Cost of house: £175,000
Estimated annual mortgage cost: £8016
Annual salary when mortgage is 30% of total: £26,720
If you are on the market for an affordable retirement bungalow, you might be in luck.
This one bedroom property is on the market for £175,000.
The bedroom is big enough to fit a double bed and contains fitted wardrobes.
With the bungalow, the owner also gets full use of the communal facilities on site, including a lounge and various daytime activities.
Best of all, the property boasts fantastic sea views.
Stewart Road
Cost of house: £195,000
Estimated annual mortgage cost: £8916
Annual salary when mortgage is 30% of total: £29,720
This is the most expensive property on this list- but it still £104,397 cheaper than the average house price in Bournemouth.
It boasts two bedrooms and one bathroom.
The lounge is described as “bright and airy” with neutral décor.
The focal point of the property has to be the kitchen/breakfast room, as it is a large space that would be suitable for families.
Best of all, there is a garden to the rear of the property, which looks like a fantastic place to relax in during the summer months.
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