It’s not fantastic news.
The hourly wage needed to afford a mortgage in Guildford has been revealed.
Blinds maker web-blinds.co.uk has analysed the average house price in each of Britain’s postcodes to work out how much someone would need to earn per hour to be able to afford a property in each area.
The calculation is based on a buyer with a 20pc deposit. Taking the average house price in each postcode, they then worked out the mortgage repayments based on a 2.63pc interest rate for a 25-year term.
It’s not exactly awe-inspiring news for hopeful Guildford buyers, who would have to be earning between £31.38 and £39.56 an hour to be able to buy a house in the GU1 – GU4 postcodes.
If you’re hoping to settle down Godalming, you’re still looking at having to earn a varied wage of £32.29 – £45.59 per hour to purchase a house, whilst a prospective buyer would be looking at a tasty hourly wage of £30.15 – £40.25 for a property in Woking.
Houses in Camberley appear to be the cheapest within the local vicinity – you’d be looking at an hourly wage of £24.72 – £29.28 to be able to afford a mortgage in the area.
The national average hourly salary for men is £13.60 before tax, whilst women (damn gender pay gap…) earn on average £12.24 per hour, according to the Office for National Statistics (ONS).
SW7 (South Kensington) is the least affordable postcode, with a buyer needing to earn £186.66 per hour to afford a property there.
Several towns in Surrey make the top 10 list of least affordable areas, with Virginia Water claiming the top spot at £84.84 needed per hour, Cobham in second place with an hourly earning of £74.76 needed and Esher coming in 6th place with £62.13 per hour required.
The most affordable postcode in the UK is TS2 in Middlesborough, with a prospective buyer having to earn just £2.15 per hour to afford a mortgage there.
Middlesborough, we’ll be there shortly.