What is an 'Average' Property?

mobile-advice

Help me settle a discussion I'm having; what is your idea of an 'average' property?

Say Mr X and Miss X earn the average salary, and have an average deposit (let's say, 10%)... can they afford an average property on an average (x4) mortgage?

lynzpower

average, well depends I guess where you are.

In my spot in east london mr & mrs average would earn 28k each I reckon

I thought that couples could only get 3.5x jointr salaries, might be wrong on that, but here we go, lets presume they can get 4x joint sal

28+28= 56

56x 4 = 224

I would suggest an AVERAGE property would be something like this a 2 bed starter new build home with back garden
http://www.rightmove.co.uk/viewdetails-12977669.rsp?pa_n=1&tr_t=buy


this is WELL under that budget, and bases on no deposit being available.

Alan_M_2

London is mid £30K's on average I think, national is around mid £20K's.

I suppose average depends on what point you are in your life.

My guess would have been a 3 bed semi, but then I could be miles out.

Robert_Sterling

An average family has 2.4 children.

Alan_M_2

I thought that had changed and was 1.95 or something now....?

roswell

Id say a 3 bed semi with some garden and street parking.

talksalot81

This depends whether you are talking about average in the presence or absence of prices! The two seem to be pretty vastly different in my part of the country!

georgiasmum

Good question op! Often wondered this myself. Where are these average houses belonging to average people on average incomes? How is it calculated???

roswell

In current markets a 1 bed flat then with a view to the wall next door brand new build on what used to be a petrol station.

lynzpower

i wouldnt say a 3 bed semi is average, not at all. Especially in london where semis are not really as available in this part of the world.

My parents moved to a 3 bed semi, then downsized once me & my sibling left home. Not much need is there? ( northwest)

I think the question is based on could mr & mrs average afford to buy something average in your town.

I think thats a good question. I think in london its the case, id be pretty surprised if it were possible in parts of east anglia and northern ireland.

Poppy9

I think average refers to a small 3 bed home but the price really depends on area.