Only those earning at least £58,527 a year are now able to afford the average mortgage in the South West, according to a new report published by the National Housing Federation.
And with salaries lagging behind at an average of £24,934, the average worker would need a whopping 135% pay rise to secure a mortgage for an average home in this region.
Despite this, there is still plenty of incentive for buyers to try to secure their own homes: rental prices are on the increase too, and many people are keen to invest in a property that will go up in value rather than pay out an increasing amount in monthly rent.
With that in mind, we've brought together a selection of new housing developments in the South West that will deliver options for a wide range of budgets – from starter homes for less than £130,000 for first-time buyers through to large, executive properties that will suit those planning to shift up the property ladder.
The Quadrant at Haywood Village in Weston-super-Mare, Somerset (Persimmon Homes)
The Quadrant, made up of 36 new apartments, will offer one- and two-bedroom homes at Haywood Village on the fringes of Weston-super-Mare, with views of the Mendip Hills. Construction work has begun there, and the homes are now available to buy off-plan. The apartments will be situated above a retail space which will house up to four businesses, in a location that enables easy access to the town centre, the motorway, and rail links from Weston-super-Mare station.
“We have had a great deal of interest in these apartments,” said Steve Roche, managing director for Persimmon Homes Severn Valley. “This is down to the combination of its location and incentives such as the Government-backed Help to Buy scheme.”
“Haywood Village is turning into a vibrant new community as we bring much-needed homes and employment opportunities to the area,” continued Steve. “The development is unlike anything we’ve built in Weston-super-Mare before and from the very start we felt it would be something special. It is of no surprise that homes are selling quickly and we expect the same level of demand for these new apartments.”
Prices: From £129,995.
Find out more about The Quadrant from Persimmon Homes
Boslowen in Camborne, Cornwall (Linden Homes)
This regeneration development in Camborne, situated close to the town centre, will provide a range of two-bedroom apartments and two-, three- and four-bedroom homes, all with contemporary designs that are bespoke to this particular scheme.
The town of Camborne is in West Cornwall, close to Redruth, and the two are linked by the A3047 road. The Camborne, Pool and Redruth district is currently benefiting from a major £150 million redevelopment programme which aims to attract new businesses to the area and help them to create sustainable jobs – as well as supporting local business growth and other areas.
The look and feel of Boslowen has been carefully designed to fit in seamlessly with the surrounding area, created with local materials and labour. There are also plenty of local amenities close by including a supermarket, schools for all ages, a mainline railway station, a butcher, banks, a bakery and a deli.
Prices: From £139,950.
Find out more about Boslowen from Linden Homes
Riverdown Park in Bishopsdown, Salisbury, Wiltshire (Barratt Homes)
Offering a diverse collection of contemporary new homes, ranging from stylish one-bedroom apartments to substantial five-bedroom houses, Riverdown Park has properties to suit a wide range of potential house buyers.
Set in spacious landscaped grounds, the development is surrounded by lovely countryside and is also conveniently close to a range of essential amenities, including good shops, leisure facilities and local transport links. A new country park will surround the site and provide residents with a link between the nearby Avon Valley Country Park, Hudson’s Field and Bishopdown. And when it comes to schools, Greentrees Primary School is just a short walk from the development.
Prices: £160,995 To £564,995
Find out more about Riverdown Park from Barratt Homes
Kings Copse in Kingsway Village, Quedgeley, Gloucestershire (Taylor Wimpey)
Set in Kingsway Village, just three miles south of the city of Gloucester, Kings Copse has a selection of two-, three-, four- and five-bedroom homes in a variety of styles, all offering easy access to the M5 and the A38 for commuters.
The village lies on the edge of the River Severn, and has been created over the past decade by a range of different housing developers, alongside local facilities such as a community centre, a coffee shop, schools, a supermarket, a parade of shops, a chemist, a veterinary clinic and a local pub. The neighbouring suburb of Quedgeley is only about two miles away and offers a wider choice of convenience stores, while the centre of the cathedral city of Gloucester is home to high street stores, sports facilities, and a range of museums and cultural venues.
Prices: From £175,000 to £300,000.
Find out more about Kings Copse from Taylor Wimpey
Charfield Village in Charfield, Gloucestershire (Crest Nicholson)
Traditional three-, four- and five-bedroom homes are available in this sought-after village-style community, with great schools and well-established amenities right on the doorstep. The location is also ideal for commuters, with easy access to the M4 and the M5 for trips to business hubs such as Bristol and Gloucester.
Situated in the rural village of Charfield, on the edge of the beautiful Cotswolds, the development is close to the River Severn and is just a 15-minute drive from historic Thornbury Castle. It promises prospective buyers an easy, low maintenance lifestyle within a strong local community, plus the benefits of a new on-site play area and open spaces.
Prices: From £305,000 to £520,000.
Find out more about Charfield Village from Crest Nicholson
Follaton Oak in Totnes, Devon (Linden Homes)
Energy efficient three- and four-bedroom homes are available at this development, which is situated in a convenient location just outside the lively market town of Totnes, Devon.
Totnes is home to great transport links by road and rail, and all the amenities you need for day-to-day living – including supermarkets, a library, banks, doctors, dentists and a good choice of schools for all ages, including an "Outstanding" Ofsted rated primary school within a mile of the development.
In a fantastic location between Dartmoor and the sea, Follaton Oak residents will find plenty of places to explore and regional attractions to visit, including several museums and historical buildings.
Historic Totnes has a vibrant arts scene and has established itself as a hub for natural health and alternative medicines. The railway station has trains to Exeter and Plymouth, both with journey times of less than half an hour, and regular mainline services to London Paddington in three hours. By road, the A38 is less than six miles away, and the M5 motorway at Exeter is 25 miles away.
Prices: From £369,950.
Find out more at www.lindenhomes.co.uk or call 01803 701673