Explore the salaries needed to purchase homes in Pembrokeshire as prices rise amid a challenging market
Pembrokeshire: As we head into 2025, house prices are climbing all over the UK, and Pembrokeshire is no different.
Even though the real estate market is booming, salaries in the UK aren’t keeping up, and the cost-of-living crisis is making things tougher for many.
It’s important to note that property prices vary widely depending on the area.
Compared to major cities like London, Manchester, and Birmingham, buying or renting in Pembrokeshire is more affordable.
But don’t be fooled—homes in South and West Wales aren’t exactly cheap.
The average salary in Pembrokeshire has reached £29,941, while the average house price has jumped to £252,449, according to Rightmove.
When you do the math, multiplying the average salary by four and a half, many homes in Pembrokeshire are still out of reach, especially when you factor in other costs like stamp duty and deposits.
According to Which, banks typically lend up to four and a half times a household’s total annual income.
However, this can change based on various factors that lenders consider when figuring out how much you can borrow for a mortgage.
Which also mentions that deposits usually range from five to 15 percent of the property price, with a standard rate of 10 percent for exchange deposits.
Here’s a quick look at average house prices in different Pembrokeshire locations and the annual income needed to secure a mortgage.
Haverfordwest
Average house price: £198,701
Household income required to buy: £44,155
Milford Haven
Average house price: £184,225
Household income required to buy: £40,938
Pembroke
Average house price: £218,228
Household income required to buy: £48,495
Pembroke Dock
Average house price: £148,544
Household income required to buy: £33,009
Fishguard
Average house price: £258,620
Household income required to buy: £57,471
Tenby
Average house price: £361,465
Household income required to buy: £80,325
Saundersfoot
Average house price: £305,682
Household income required to buy: £67,929
Narberth
Average house price: £232,350
Household income required to buy: £51,633
Neyland
Average house price: £212,681
Household income required to buy: £47,262
Newport
Average house price: £458,111
Household income required to buy: £101,802