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Thursday, 4 December 2014

Who can really afford to buy a house these days?

The easiest way to judge the affordability of property within an area is to look at the ratio of the average property price to the average salary.  In Weymouth, DT4 the average price is £211k for a three bed house whilst the average salary is £21,237.  This is a ratio of 8.83. 

In Dorchester the affordability ratio is 9.74, meaning property is slightly less affordable.  No surprise there then but perhaps the issue is not this measure of affordability but the other.  Deposit!!  A 5% deposit is in the order of £15/20k

Tenants’ inability to raise that sort of money is driving demand for rental property, something we see every day in this office.  If you would like some advice about buying to let, where to buy, what to buy, what lets best or quickest do come by for a chat at the Martin and Co office at the top of St Thomas Street in Weymouth.

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