45k income needed to purchase Bristol Property

Recent figures have revealed that those wanted to buy property in Bristol will now require a £45,000 income.

No small wonder to Bristol lettings agents, why renting in Bristol has become so popular in recent years.

Renting has become the only option for many, as average salaries within Bristol are currently £21,000 The cost of owning a home in Bristol now averages out at £210,133 which is more than 10 times the average salary, along with the 20 percent deposit most lenders are requiring from prospective borrowers, plus increase living costs make the prospective home ownership only a pipe dream for many

According to the figures published in the South West Truth Report 2011, Bristol residents still had it better than those in other areas where average salaries were only £19,713 and homes were costing on average of £228,940

Speaking to 24dash.com, chair of the South West Regional Committee, Nick Horne, explained: "With house prices now up to almost 12 times the national wage in the region and private sector rents also set to rise, we must ensure that there is an affordable option for people to live in the South West. "Housing makes a vital contribution to the economy and, despite the recession, housing associations built 18 per cent more homes last year than the year before."

Kevin Cox, founder of Bristol letting agents Igloolets.com, said “These figures continue to highlight why there is so much pressure on the rental market, not only in Bristol but also all over the country at this time. It is likely to continue for the foreseeable future, renting in Bristol especially in central areas is becoming highly competitive, continually forcing prices up”