How much do you need to earn to climb the real estate ladder in Berkshire?

First-time buyers might hope that the bright side of the Covid-19 pandemic will be falling house prices due to the uncertainty it has created.

However, a major downside is that the 5% deposits have basically been scrapped and you probably won’t be able to buy a house with a 10% deposit either.

Due to the coronavirus pandemic, the minimum deposit at the moment is 15%, so we’ve done the math to see how much you’ll need in the piggy bank for a property in Berkshire.

We also used Martin Lewis Mortgage Calculator to find out the minimum amount you will need to earn to buy mid-priced property in all boroughs of Berkshire.

Reading



Reading City Center

The cheapest place to buy a house in Berkshire is the county seat of Reading.

There are many reasons people would choose to live here: the increasingly revamped town center, the proximity to the beautiful Berkshire countryside and the beautiful riverside.

And when Crossrail finally opens, there will be several direct services into central London every hour.

Housing prices in the area are likely to rise once they are completed.

The majority of houses sold in the market town over the past year were semi-detached houses.

Average house price: £ 355,422

Deposit required: £ 53,300

Salary required for the mortgage: £ 68,000

Quagmire



Linked to coronavirus - Slough town center GV during government lockdown for Covid19 - shops, signs, people.  Great street.  GL
Slough Town Center

With its proximity to London, Slough is home to many commuters.

And it’s not hard to see why, given how much cheaper real estate prices are than those in the capital.

However, Slough has a lot to offer on its own with its current regeneration, fantastic transport links, and leafy suburbs that draw people in.

This is certainly not the dull city that we claim to be in Ricky Gervais’ The Office!

Average house price: £ 365,368

Deposit required: £ 54,800

Salary required for the mortgage: £ 70,000

Windsor and Maidenhead



The Long Walk and Windsor Castle

You will need to be successful if you plan to move to Windsor and Maidenhead.

The historic town is perfect and full of English charm, beautiful architecture and, well, Legoland.

While Maidenhead has fewer Royals, if you head to Bray there are two three Michelin star restaurants – The Fat Duck by Heston Blumenthal and the French restaurant The Waterside Inn.

Still, it all comes at a steep price, with the average house selling for almost £ 550,000.

Average house price: £ 549,832

Deposit required: £ 82,400

Salary required for the mortgage: £ 104,000

Wokingham



Wokingham Town Hall in 2020

Wokingham is regularly featured in ‘best places to live’ lists and the people who reside there are known for their good quality of life.

The city itself has beautiful historic streets in the center and an impressive town hall building.

The area is close to Dinton Pastures and California Country Park, perfect for family outings.

However, it’s not cheap, at over £ 460,000 for an average home you’ll need to save.

Average house price: £ 460,576

Deposit required: £ 69,000

Salary required for the mortgage: £ 87,000

West Berkshire



West Berkshire has the lowest infection rate in Berkshire
Newbury Market Place with the Town Hall and the Cereal Exchange.

West Berkshire is a sprawling area west of Reading which is semi-rural.

Some of the main places to live in the area are Newbury, Thatcham, Hungerford, Pangbourne, Tilehurst, Calcot and Lambourn.

If you want to get away from the hustle and bustle of the big cities, this might be the place for you.

With its proximity to the North Wessex Downs and Chiltern Hills, there is no shortage of scenic walks, country pubs and quaint towns.

Average house price: £ 401,789

Deposit required: £ 60,200

Salary required for the mortgage: £ 76,000

Bracknell Forest



Caesar's Camp in Swinley Forest
Caesar’s Camp in Swinley Forest

Bracknell Forest includes the two towns of Bracknell and Sandhurst and is another in-demand place to live in the region.

If you work in IT, switching to Bracknell is a no-brainer.

It’s called Britain’s Silicon Valley, due to the number of tech jobs in the city.

While Bracknell cannot be described as picturesque, Swinley Forest, which is owned by the Crown Estate, more than makes up for it.

It spans over 2,600 acres of gentle rolling hills from Bracknell to Crowthorne and is perfect for getting out and about on a weekend getaway.

Average house price: £ 441,654

Deposit required: £ 66,200

Salary required for the mortgage: £ 84,000


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About Mary Moser

Mary Moser

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