What is the average property price in different areas of Surrey?

If you’re a Surrey resident, you’ve seen the housing market change a lot around you over the past year and a half. The lockdown has very much revealed to us the best places to live around the UK; most people have changed their minds about moving to the city, and now want to live somewhere quiet and calm instead.

However, if you’re someone who is planning to move to Surrey in the next few months, you’ll need to keep an eye on how much the market is yet to grow.

Surrey bridges the gap between these lifestyles. Here you’ll find a rural area with plenty of natural space, but you’ll still be on the edge of London and can commute very easily. It’s a great place to live if you want the best of both worlds, and it’s a great place to get your foot on the property ladder as well.

Across the UK, the average house price currently stands at £255,000, according to the Office of National Statistics. The national average has risen by over 10% in the last 12 months; house prices haven’t risen in value at such a pace since the rise in 2007. And in Surrey, this average is a lot higher, standing at £653,214.

But getting your hands on property in Surrey might be more affordable than you think. With the government’s recent Mortgage Guarantee Scheme, you now have the option to put down a 5% deposit. And whilst this may mean that your monthly mortgage payments are a lot more expensive (compared to the rate when putting down a 10% deposit), it’s made the possibility of home ownership available to a lot more people.

However, what would you need to earn in order to afford a house in Surrey? With house prices on the rise, and Surrey being a traditionally expensive area, it can be hard to keep track of the housing market in this county. However, we’ve done the calculations for you, and plotted the average house price against the income needed to buy a home in 11 different areas in Surrey. All house price figures are pulled from Rightmove’s database.

How We’ve Calculated These Numbers: Most mortgage lenders will let you borrow 4 times the amount you make in a year, although some may allow you to borrow 5 or 6 times this amount. Calculations will always vary when visiting a lender, and most mortgage companies keep their process a well guarded secret.

But using the most lowball allocation, we’ve divided the average house price across the 11 towns below to find out what you’d need to make per year to afford a mortgage. All amounts have been rounded to the nearest full figure. The figures below are from Rightmove and are accurate as of the 15th July.

Guildford

Most homes sold in the last 12 months were semi-detached properties.

Average House Price: £562,290

Potential Household Income Needed: £140,573

Woking

Most homes sold in the last 12 months were detached properties.

Average House Price: £535,280

Potential Household Income Needed: £133,820

Farnham

Most homes sold in the last 12 months were detached properties.

Average House Price: £652,638

Potential Household Income Needed: £163,160

Haslemere

Most homes sold in the last 12 months were detached properties.

Average House Price: £740,471

Potential Household Income Needed: £185,118

Godalming

Most homes sold in the last 12 months were semi-detached properties.

Average House Price: £563,873

Potential Household Income Needed: £140,968

Cobham

Most homes sold in the last 12 months were detached properties.

Average House Price: £1,092,212

Potential Household Income Needed: £273,053

Walton-on-Thames

Most homes sold in the last 12 months were semi-detached properties.

Average House Price: £655,505

Potential Household Income Needed: £163,876

Dorking

Most homes sold in the last 12 months were detached properties.

Average House Price: £563,833

Potential Household Income Needed: £140,958

East Molesey

Most homes sold in the last 12 months were detached properties.

Average House Price: £911,849

Potential Household Income Needed: £227,962

Weybridge

Most homes sold in the last 12 months were detached properties.

Average House Price: £898,146

Potential Household Income Needed: £224,537

Epsom

Most homes sold in the last 12 months were semi-detached properties.

Average House Price: £547,112

Potential Household Income Needed: £136,778

Note: All averages are pulled from data acquired in the last year; each town showed a rise in house prices over the past 12 months, and all showed a sharp incline since their last peak in the preceding 5 years.

Are you looking to replace your roof in Surrey? Get in touch with A Wilson Roofing today! We serve all areas in Surrey from Addlestone and Guildford to Walton on Thames and Weybridge

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