What size property you can afford to buy for your first home - and where - will be down to the size of your deposit, how much you earn, and the extent of your outgoings.
Working out the finer details isn't always straightforward, but 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 step on to the property ladder.
Our heat map, below, highlights the areas in Southampton that are most affordable for first-time buyers.
(Click on map for larger version)
Quick stats about Southampton:
The average first-time buyer property (two-three bedroom house) in Southampton costs £271,068 with the average deposit required standing at £46,380 and the average income required from a first-time buyer household of £56,225.
The city centre, St Mary's - home of the football club - and Newtown in SO14, just north of the estuary is the most affordable postcode area where the average first-time buyer property costs £207,410, requiring a deposit of £35,488 and a household income of £42,980.
As you can see from the map, above, staying north east of the estuary provides the most affordable option, with property on the edge of the New Forest coming at a premium.
Discover more about living in Southampton.
| Postcode | Area | Average house price | Average deposit required | Average household income required |
|---|---|---|---|---|
| SO14 | City centre, St Mary's, Newtown | £207,410 | £35,488 | £42,980 |
| SO16 | Bassett, Lordswood, Lordshill | £224,862 | £36,806 | £44,577 |
| SO15 | Shirley, Freemantle, Banister Park | £225,296 | £38,474 | £46,597 |
| SO17 | Highfield, Portswood, St Denys | £228,745 | £38,548 | £46,687 |
| SO19 | Sholing, Thornhill, Woolston | £228,745 | £39,138 | £47,402 |
| SO18 | Bitterne, Harefield, Townhill Park | £239,486 | £40,976 | £49,627 |
| SO50 | Town centre, Fair Oak, Bishopstoke | £268,384 | £45,921 | £55,616 |
| SO40 | Totton, Lyndhurst, Cadnam | £276,933 | £47,383 | £57,387 |
| SO30 | Botley, Hedge End, West End | £277,446 | £47,471 | £57,494 |
| SO52 | North Baddesley | £301,000 | £51,501 | £62,375 |
| SO53 | Chandler's Ford | £309,835 | £53,013 | £64,206 |
| SO32 | Bishops Waltham, Corhampton, Droxford | £348,534 | £59,634 | £72,225 |
| SO21 | Compton, Colden Common, Easton | £400,845 | £68,584 | £83,750 |
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 all Southampton 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 should be to build as big a deposit as possible. 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 means paying a higher interest rate on your loan and costlier monthly repayments.
The Government offers a range of schemes designed to help you get on the housing ladder.
Provided your credit score is in good order and your outgoings to do not limit your ability to repay a mortgage, banks and building societies will lend up to four times your salary. If you are buying as a couple, then combining your incomes will boost your affordability.
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. You can then get your search underway.
Make sure that you also budget for other fees that pop up along the way, such as solicitor and moving costs.
For more help purchasing your first home, read our first-time buyer's guides.
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.