NOW is a great time to get on the property ladder- and there are some fantastic options available on your doorstep.
The country is slowly emerging from lockdown and the Chancellor has announced a stamp duty exemption for all properties less than £500,000 until March 2021.
However, one of the most confusing aspects of buying a house is choosing which homes you can realistically afford on your salary.
David Ross is the Managing Director at Hometrack (leading provider of insight and intelligence to the mortgage market) said many factors can impact the size of the mortgage you can borrow, including deposit, interest rates and repayment terms.
He said: “Generally, lenders will lend up to 2.5x your gross annual salary but this can vary.
“Some good advice is to try and keep your mortgage to less than 28% of your gross monthly income. That way you should have plenty of money left for the essentials or to put away for a rainy day.”
The salary you will need to afford Bradford houses
According to latest data from Plumplot (data visualisation site), the average annual salary for people in Bradford is £32.6K.
With this figure in mind, you will realistically be able to afford properties that are around £200,000 or less, if you want to live comfortably.
Our calculations are also based on David Ross’ advice that a mortgage should be around 28% of your total income.
Here are five Bradford homes you can buy for this price or less- including the estimated salary you should be earning if you want to buy the properties.
Rawson Street, Wyke
Cost of house: £200,000
Total annual salary when mortgage accounts for 28%: £32,657
If you earn the average Bradford wage, you can comfortably afford this property.
The bungalow has two bedrooms and also benefits from a modern kitchen.
Externally, there is a large rear garden with a decked patio and border planting area.
However, before you place an offer, Zoopla estimates the additional running costs for this house to be £1053 per month.
Pasture Lane, Clayton
Cost of house: £195,000
Total annual salary when mortgage accounts for 28%: £31,842
On the market for a three bedroom house? If so, this property could be the ideal choice for you.
The master bedroom benefits from its own en suite facilities and the living room/dining area has a spacious open plan design .
The garden is a focal point of the property, as it has both a lawned and patio area.
Fagley Lane
Cost of house: £192,995
Total annual salary when mortgage accounts for 28%: £31,542
If you are on the hunt for a new build home, you can comfortably afford this one on the average Bradford wage.
It’s in a sought after Bradford location and is close to some top schools and local amenities.
The semi-detached home has three bedrooms and two reception rooms.
The dining room and kitchen area has an open-plan design, ideal for entertaining guests in when the pandemic is over.
Tyersal Lane
Cost of house: £191,995
Total annual salary when mortgage accounts for 28%: £31,371
This property is on the market for just over £191,995.
It’s marketed as the perfect “forever home” and it has an impressive four bedrooms.
The new owners will be fighting over the master bedroom, as it comes with its own private en suite facilities.
The property has been thoughtfully designed to make full use of the space available; it has an integral garage and a useful utility room.
Leaventhorpe Lane
Cost of house: £190,000
Total annual salary when mortgage accounts for 28%: £31,028
Interested in buying a three bedroom home?
This property has a lot of character and there is a lot of history behind the build.
The house is bigger than it looks, with spacious bedrooms and extensive gardens.
The lounge is a focal point of the house as it has a feature log fire.
Before you place an offer, keep in mind that you will need a £19, 000 deposit (10%) and the estimated monthly running cost for this house is £1048 per month.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel