TORFAEN is on the rise as an area for first-time buyers to get on to the property ladder.
After the scrapping of the Severn Crossing tolls in 2018, demand for properties in south Wales has gone through the roof.
Newport saw an initial boost in home-owners coming over from England, meaning first-time buyers would have to look further afield, in to the Valleys to make their first steps in the market.
The average Torfaen house price in November 2019 was £148,040, according to Land Registry figures.
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Property prices in the area achieved 0.2 per cent annual growth – the lowest rate in Wales.
Speaking to the South Wales Argus in November, Katie Darlow, residential sales director for Roberts Estate Agents said: “When they made the announcement to end the bridge tolls, house prices in Newport went crazy,” she said.
“A lot of local people, especially first-time buyers, and people working in the Bristol area, were then priced out of Newport, and would choose to buy slightly further out, in Cwmbran or elsewhere in Torfaen.”
Now, property website Zoopla have worked out exactly how much household income you’d need to earn to buy your first home in every ward.
The data is based on the median house price and the assumption of a loan to income ratio of 4.5 per cent and 85 per cent loan to value – the percentage of the property value you’re loaned as a mortgage (in other words, the proportion you’re borrowing).
Abersychan
Household income needed to buy: £20,000
Median house price for firs-time buyers: £105,000
Blaenavon
Household income needed to buy: £16,000
Median house price for first-time buyers: £85,000
Brynwern
Household income needed to buy: £17,500
Median house price for first-time buyers: £93,000
Fairwater
Household income needed to buy: £22,5000
Median house price for first-time buyers: £120,000
Greenmeadow
Household income needed to buy: £21,000
Median house price for first-time buyers: £110,000
Llantarnam
Household income needed to buy: £31,000
Median house price for first-time buyers: £165,000
(You can get this 2-bed semi for £155,000. Picture: Zoopla)
Panteg
Household income needed to buy: £23,000
Median house price for first-time buyers: £122,000
Pontnewydd
Household income needed to buy: £21,000
Median house price for first-time buyers: £110,000
Pontypool
Household income needed to buy: £17,000
Median house price for first-time buyers: £90,000
Snatchwood
Household income needed to buy: £17,000
Median house price for first-time buyers: £90,000
St. Dials
Household income needed to buy: £22,500
Median house price for first-time buyers: £118,000
Trevethin
Household income needed to buy: £18,5000
Median house price for first-time buyers: £97,000
Two Locks
Household income needed to buy: £27,5000
Median house price for first-time buyers: £145,000
(You can get this 2-bed semi for £140,000. Picture: Zoopla)
Upper Cwmbran
Household income needed to buy: £22,5000
Median house price for first time buyers: £118,000
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