Wherever you are looking to buy your first home, your hunt will rely on the size of your deposit, how much you earn, and how high your outgoings are.
But working out the finer details isn't always straightforward.
This is where Zoopla can help. Our data looks at average house prices by area to show how much you would need to earn and save for a deposit to get the keys to your own home.
If you’re looking for property for sale in Bournemouth on the south coast, our map, below, highlights the areas that are most affordable for first time buyers.
(Click on map for larger version)
Quick stats about Bournemouth:
The average first time buyer property (two-to-three-bedroom house) in Bournemouth and the surrounding area costs £298,305, with the average deposit required standing at £47,304.
The average income required from a first time buyer household is £62,809, meaning that house prices are over 10 times average earnings, well above lenders' typical four times earnings criteria for mortgages.
The most affordable place for first time buyers is central Bournemouth and West Cliff in the BH2 postcode area. Average property prices stand at £219,620 and require a household income of £46,277. Other affordable areas include the town centre, Springbourne, East Cliff and Boscombe.
At the other end of the scale, the least affordable area is Canford Cliffs, Sandbanks, and Branksome Park in the BH13 postcode area.
Finally, as you can see from the map, above, if you like being by the coast then Bournemouth has options for the full range of budgets.
Discover more about living in Bournemouth.
| Postcode | Area | Average house price | Average deposit required | Average income required |
|---|---|---|---|---|
| BH2 | Central Bournemouth, West Cliff | £219,620 | £34,513 | £46,277 |
| BH1 | Town centre, Springbourne, East Cliff, Boscombe | £225,021 | £35,362 | £47,415 |
| BH5 | Boscombe, Pokesdown | £229,894 | £36,128 | £48,442 |
| BH3 | Talbot Woods, Winton | £242,916 | £38,174 | £51,185 |
| BH4 | Westbourne, Branksome Woods | £251,562 | £39,533 | £53,007 |
| BH8 | Malmesbury Park, Queens Park, Strouden Park | £256,920 | £40,375 | £54,136 |
| BH17 | Canford Heath, Creekmoor | £262,844 | £41,306 | £55,385 |
| BH11 | Kinson, Bear Cross, West Howe, | £266,444 | £41,872 | £56,143 |
| BH16 | Upton, Turlin Moor | £270,620 | £42,528 | £57,023 |
| BH12 | Branksome, Alderney, Upper Parkstone | £271,877 | £42,725 | £57,288 |
| BH15 | Town centre, Hamworthy, Oakdale | £282,869 | £44,453 | £59,6041 |
| BH10 | Kinson, East Howe, Northbourne | £293,448 | £46,115 | £61,833 |
| BH7 | Littledown, Iford | £299,575 | £47,078 | £63,124 |
| BH9 | Winton, Moordown, Throop | £305,567 | £48,020 | £64,387 |
| BH14 | Lower Parkstone, Lilliput, Penn Hill | £334,466 | £52,561 | £70,476 |
| BH21 | Wimborne, Corfe Mullen, Cranborne | £335,478 | £52,720 | £70,689 |
| BH22 | Ferndown, West Moors, West Parley | £337,731 | £53,231 | £71,375 |
| BH25 | New Milton, Barton on Sea, Bashley | £340,031 | £58,179 | £70,463 |
| BH6 | Southbourne, Tuckton, Wick | £340,850 | £53,565 | £71,821 |
| BH23 | Christchurch, Mudeford, Highcliffe | £350,332 | £55,055 | £73,819 |
| BH24 | Ringwood, St Leonards, Ashley Heath | £361,733 | £61,893 | £74,960 |
| BH18 | Broadstone | £373,727 | £58,731 | £78,750 |
| BH13 | Canford Cliffs, Sandbanks, Branksome Park | £406,497 | £63,881 | £87,000 |
How have we calculated it?
We've looked at the average price of two-three bedroom homes, the most common type of property purchase for first time buyers in Bournemouth postcodes.
We've then taken the average mortgage advance from lenders in the region and worked out both the average deposit required and the amount that needs to be earned based on buyers being able to borrow up to four times their salary.
How can I afford a home as a first time buyer?
One of your top priorities as a first time buyer is to build a big deposit. This will allow you access to better mortgage rates, as you will be borrowing a lower percentage of the overall value of the property.
Try to aim for a 10% deposit at a minimum. It is possible to put down a deposit of just 5% in some cases, but this will mean paying a higher interest rate on your loan – and result in larger monthly repayments.
The Government offers a range of schemes designed to help you get on the housing ladder.
The Help to Buy Equity Loan for example, is where the Government lends up to 20% of the purchase price interest-free for the first five years. However, you will only be able to use it on a new-build home valued up to £600,000.
Banks and building societies will usually lend up to four times your salary, provided your credit score is in good order and your outgoings do not limit your ability to repay a mortgage. If you are buying as a couple, then combining your incomes should boost your borrowing power.
Once you know how big a deposit you have accumulated and understand how much you might be able to borrow, you can assess how much you can afford to spend on a property. Then you can start the exciting part of the process and begin house hunting.
Don’t forget that, when buying a home, there will be other fees for licensed conveyancers and and moving costs. Everything should be explained to you, but check there are also no hidden fees such as annual maintenance costs you weren't expecting. The good news is
that stamp duty land tax is waived for first time buyers on the first £300,000 of the purchase. To see how stamp duty might affect you, check out Zoopla's stamp duty calculator.
It's worth shopping around to find an affordable mortgage rate that is right for you. An independent mortgage adviser should be able to help on this.
Some work on commission, others will charge a fixed fee for mortgage advice. It's also worthwhile speaking to your bank and checking out comparison sites such as uSwitch.com and Money.co.uk for an instant online look at potential deals.
For more help purchasing your first home, read our first time buyers guides here.
First time buyer affordability in the UK
If you're willing to broaden the horizons of your property search, then our first time buyer affordability map of the UK, will help. There are still plenty of areas where those with household earnings of under £30,000 can afford property, especially in the North.
But property prices vary even from street to street, so do your research of the so-called 'micro markets' in any given area too.
Full methodology: House prices taken from a subset of Zoopla-partner Hometrack's stock valuation database (one-to-two beds for London and two-to-three bedrooms for rest of UK). Median price calculated as of June 2018. Median advance taken by region (c75% for London, c85% outside of London) from UK Finance. Term of Mortgage: 25 years. Interest rate: 2.00%. Loan to income ratio: 4.0. Earnings required for affordability is greater of those required to satisfy loan-to-income threshold or income required to service the mortgage.