The salary you need to buy your first house in each Surrey district and borough

The property market was initially struck hard by the effects of Covid-19 with Surrey house sales in March dropping by 67% compared to February.

The government was advising people to delay moves meaning some sales due to complete in the spring failed to go ahead.

But as the easing of lockdown continues, the government has introduced measures aimed at reinvigorating the housing market.

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Until March 2021 the Stamp Duty Land Tax threshold will be increased to £500,000 for those buying their first home, as well as for those already on the property ladder.

Previously, first-time buyers had to pay stamp duty on properties sold for more than £300,000. According to March figures, no Surrey boroughs or districts were below this threshold.

So this temporary increase makes a huge difference for first-time buyers in the county; 10 out of the 11 districts and boroughs have an average house price below £500,000. This could save people up to £15,000 in stamp duty.

In light of this, SurreyLive has crunched the numbers, with help from Martin Lewis’s mortgage calculator, to find out how much you need to earn to buy your first home in the county.

We have taken average house prices from the most recent data available in the March 2020 UK House Price Index.

Figures for April, May and June are not available because the Office for National Statistics has suspended its publications. This is because Covid-19 has severely impacted the number of housing transactions, making it difficult to produce a representative measure of house prices.

The list below (ordered from highest to lowest) is applicable to an individual person looking to apply for a loan, and is based on needing a minimum deposit of 5% of the house price.

Elmbridge

Average house price: £577,202 (-2.7% from March 2019)

Minimum deposit needed: £28,860

Salary needed for mortgage: £129,000

Mole Valley

Average house price: £488,437 (+1.2%)

Minimum deposit needed: £24,421

Salary needed for mortgage: £109,000

Epsom and Ewell

Average house price: £459,231 (+0.1%)

Minimum deposit needed: £22,961

Salary needed for mortgage: £103,000

Epsom is located in the third most expensive area to buy a house in Surrey
(Image: Darren Pepe – SurreyLive)

Guildford

Average house price: £461,574 (+2.2%)

Minimum deposit needed: £23,078

Salary needed for mortgage: £103,000

Waverley

Average house price: £442,543 (-1.4%)

Minimum deposit needed: £22,127

Salary needed for mortgage: £99,000

Tandridge

Average house price: £440,521 (+0.8%)

Minimum deposit needed: £22,026

Salary needed for mortgage: £98,000

Reigate and Banstead

Average house price: £420,927 (+7.2%)

Minimum deposit needed: £21,046

Salary needed for mortgage: £94,000

Fancy living in Reigate? Average house prices here are around the half-a-million mark
(Image: Grahame Larter – Surrey Mirror)

Woking

Average house price: £419,427 (+1.7%)

Minimum deposit needed: £20,971

Salary needed for mortgage: £94,000

Runnymede

Average house price: £399,925 (-4.9%)

Minimum deposit needed: £19,996

Salary needed for mortgage: £89,000

Surrey Heath

Average house price: £386,470 (+0.5%)

Minimum deposit needed: £19,323

Salary needed for mortgage: £86,000

Spelthorne

Average house price: £353,083 (-3.7%)

Minimum deposit needed: £17,654

Salary needed for mortgage: £79,000

Surrey Live – News