Can You Afford Your Very Own Slice of Bristol?
An ever-growing city, attracting thousands of new prospective residents’ year on year, due to the culturally diverse and artfully expressive city it has become. It has engineers, artists, and designers at the top of their respective industries, whilst still retaining a strong feeling of community and an individual’s importance within it. But just how achievable is it to get your very own slice of Bristol?
According to Home.co.uk, the average house price in Bristol has rising by 196% since 2000; increasing from £97,562 to an astonishing £288,921! This is made even more staggering when comparing such high costs to the average U.K wage in the years 2000 and 2018:
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Whilst the average wage in the U.K has significantly increased since the year 2000, once the rate of inflation has been taken into account it soon balances out; meaning £15,600 in 2000 is roughly worth £25,755.00 in today’s money. Bristol’s housing market has increased a severely disproportionate amount when comparing it to the average U.K wages.
On an average wage of £26,832 you will have an estimated mortgage of £107,328 – roughly 4x your salary – meaning that you will then need to have saved up £181,593 as a deposit. Unfortunately, this is beyond the realistic reach of the normal working adult in the U.K on their own. Meaning you can either get a below-average house or look at shared ownerships.
Either way, your slice may be very slim.