As the cost of buying a house continues to rise, more people are being forced to rent property.
UK salaries struggle to compete with the growing market of real-estate, and this is compounded by the cost-of-living crisis which further restricts income.
However, it’s no secret that property prices vary depending on where you are based.
Anyone in Pembrokeshire can buy or rent houses at a much cheaper price than London, but that doesn’t mean it’s not expensive.
The average salary in Pembrokeshire is £29,120 with the average house price being £255,054, according to Rightmove.
Therefore, the average salary would allow you to purchase a property ranging between £101,920 to a maximum of £145,600.
Calculated by multiplying the average salary by four and a half – there are few houses in Pembrokeshire that can be bought, especially when taking into account other costs such as stamp duty and deposit.
Which claims that banks will usually lend up to four and a half times the total annual income of a household.
But this can differ for each case and there are many other factors that need to be considered before calculating how much you can borrow to get a mortgage.
It’s also stated by Which that deposits range between five to 15 percent of the property price and the standard rate for exchange deposits is 10 percent.
Here are the average house prices for different areas of Pembrokeshire according to Rightmove and the annual income you need to earn for a mortgage:
Haverfordwest
Average house price: £207,550
Household income required to buy: £46,122
Milford Haven
Average house price: £164,741
Household income required to buy: £36,609
Pembroke
Average house price: £216,018
Household income required to buy: £48,004
Pembroke Dock
Average house price: £176,109
Household income required to buy: £39,135
Fishguard
Average house price: £240,183
Household income required to buy: £53,374
Tenby
Average house price: £312,405
Household income required to buy: £69,423
Saundersfoot
Average house price: £311,370
Household income required to buy: £69,193
Narberth
Average house price: £269,034
Household income required to buy: £59,785
Neyland
Average house price: £203,300
Household income required to buy: £45,177
Newport
Average house price: £436,250
Household income required to buy: £96,944
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