Bristol, like every big city has a habit of being expensive. Now an online app is able to show potential buyers how much they need to be earning per hour in order to purchase a property.
Like all online apps expect a margin of error and of course property prices vary on what you are looking for regardless of area but the figures can make some interesting reading.
The data suggests that if you want to buy in Clifton, BS8 you need to be earning £33.98 per hour. That equates to about £62,000 per annum. Contrast that to Redfield in BS5 where you only need to earn £15.33 per hour or about £28,000.
According to Zoopla the average house in Clifton is £562,000 and for Redfield average house prices are in the region of £215,000.
The data from web-blinds.com also says that in BS1 you need to earn £19.83 per hour and in BS4, Knowle you need to be on at least £17.25 per hour. Average values though for BS1 according to Zoopla are £309,000 and for Knowle prices are in the region of £233,000.
Bristol’s cheapest area, according to the data from web-blinds.com is Bishopsworth, BS13 where you need to be earning £14.45 per hour. Data from Zoopla suggests that average house prices in BS13 are at about £202,000.
How are the figures worked out?
This is how the website has worked out these figures. It says: “Shelter [the housing charity] recommends that housing costs should be no more than 35 per cent of income. So to work this out, we took the cost of the average house in each of Britain’s 2,650 postcodes and worked out mortgage repayments based on having a 20 per cent deposit and taking a 25-year term with a 2.63 per cent interest rate. "
It adds: "Next, we divided this figure by 0.35 to show the monthly salary a homeowner would need to buy in a location and divided that by the average number of hours worked in a month (150) to show their hourly salary.”