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.
Property prices in the area achieved 0.2 per cent annual growth – growing by the lowest rate in Wales.
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Speaking in November, Katie Darlow, residential sales director for Roberts Estate Agents told The Free Press: “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).
Blaenavon is the ward where first-time buyers can buy a house with the lowest household income, with £16,000 required for a mortgage.
Meanwhile, you would need a household income of almost double that (£31,000) to secure a property in Llantarnam, the most expensive ward in Torfaen.
Across Torfaen, first-time buyers require an average household income of £19,000 to get a foot on the property ladder.
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