Marlborough is among the most expensive places in the UK to buy a house
Marlborough is one of the most expensive places in the UK to live, when compared to average wages.
That’s according to figures from the National Housing Federation - the body that represents housing associations - and a little leg work by Marlborough News Online.
The NHF today (Tuesday) published a list of the 62 ‘most expensive’ places to live in the UK, relative to average wages.
Although properties might cost less than those in London, when compared to the average wage properties in those 62 Local Authority areas were less affordable, according to its report, Rural Housing: Countryside in Crisis.
The report focussed on four main areas which, said the authors, are “making our rural areas increasingly unaffordable for many”: house prices, the prevalence of second homes, fuel poverty, and an ageing population.
South Buckinghamshire was found to be the most expensive place to live, with the average house costing £563,032 – just over 20 times the annual wage of £27,903.
The Cotswolds - which borders the northern boundary of Wiltshire - was at number two, with an average house price of £344,614 - slightly more than 19 times the average wage of £18,075.
At 37th on the list, house-hunters - especially the young - might breathe a sigh of relief that Wiltshire finds itself mid-table, with an average house price of £242,967 - 12 times the average wage of £20,129.
But that fails to take into account the disparity in the housing market between different Wiltshire towns.
According to figures from property portal Rightmove, the average house price in Marlborough is £309,445 - the third highest in the county after Box and Malmesbury - while in Pewsey the average house costs £285,013.
And although they are much harder to find, the latest salary figures from the Devizes constituency - which includes Marlborough and Pewsey - seem to peg the average wage at around £24,000.
That would put Marlborough 24th on the list, with a house price to wages ratio of 12.8.
And typically a couple with a 20 percent deposit (just under £62,000 for that average home), stable employment prospects, and good credit rating could be offered four times their joint salary by a mortgage lender - leaving them around £50,000 short if they both earn the average salary.
By comparison, the cheapest places in the county to live are Tidworth (£148,571), Westbury (£168,892) and Warminster (£169,636). The average house price in Swindon is £165,658.
See the full report at http://www.housing.org.uk/publications/browse/rural-housing-countryside-in-crisis/
What will my £309,445 get me?
Assuming you have £309,445 to buy a house at Marlborough’s average price, here are some properties at which you could be measuring for curtains today.
A two bedroom semi-detached house in Ironmonger Lane for £295,000 with Humberts
A three bedroom terraced house at Five Alls Court for £285,000 with Carter Jonas
A two-bedroom terraced cottage on The Green for £285,000 with SLCA