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The cost of living · Paying for a home · buying

Buying a home in Portsmouth

A typical home now costs 7.22 years of a typical resident’s pay. In 2002 it cost 4.90. Saving the deposit takes longer, and borrowing costs more than it did a few years ago.

Portsmouth council area. Pay is the middle full-time pay of people who live here. Prices are for homes sold, before inflation.

1 · The gap

Prices have run ahead of pay

7.22 yearsof pay for a typical home, 20254.90 years in 2002 · England 7.64 yearsOffice for National Statistics ↗ · retrieved 10 Nov 2026
7.59 yearsof pay for an entry-level home, 20255.41 in 2002 · England 6.99Office for National Statistics ↗ · retrieved 10 Nov 2026
£260,000middle sale price, year ending March 2026£47,000 in March 1996: up 453% in 30 years, before inflationOffice for National Statistics ↗ · retrieved 16 Oct 2026
£65,000a 25% deposit on a typical home, 2025£24,088 in 2002Office for National Statistics ↗ · retrieved 10 Nov 2026

House price compared with residents’ pay

2002 to 2025

Portsmouth council area · years of pay

Shown on this chart: From 2002 to 2025, house price compared with residents’ pay rose by 47.3% in Portsmouth council area and rose by 49.5% in England. Highest 8.08 years of pay in 2021 in Portsmouth council area.

Both places compared over 2002 to 2025, using matching published dates.

Compared areas: Portsmouth council area; England.

Actual values

Portsmouth council areaEngland

Each line joins consecutive published observations for that place. Missing dates remain gaps.

Source: Office for National Statistics ↗ · retrieved 10 Nov 2026

Official ONS series from 2002; no compatible local series exists for earlier years, so none is joined on. The 30-year price history below starts in 1996.

Middle sale price (year ending March)

March 1997 to March 2026

Portsmouth council area · Cash prices, before allowing for inflation

Shown on this chart: From March 1997 to March 2026, middle sale price (year ending March) rose by 428.5% in Portsmouth council area and rose by 414.9% in Southampton.

Both places compared over March 1997 to March 2026, using matching published dates.

Compared areas: Portsmouth council area; Southampton.

Change since March 1997 (%)

Portsmouth council areaSouthampton

Each line joins consecutive published observations for that place. Missing dates remain gaps.

Source: Office for National Statistics ↗ · retrieved 16 Oct 2026

Not adjusted for inflation; not the same homes each year; differs from the mix-adjusted UK House Price Index.

2 · How long to save

Years to save a deposit

Choose a deposit and how much of your pay you could set aside. The years come from the ONS price-to-pay ratio.

7.2 years in 2025

4.9 years in 2002

Years = deposit share × the price-to-pay ratio ÷ share of pay saved. Pay is before tax. Prices rise while you save, so real waits are longer. Your First Home (new-build only, expected from 2027) needs at least 2.5% down, plus a government loan.

3 · Borrowing

Mortgage costs

5.39%average quoted 2-year fixed rate, October 2026Low of 1.20% in September 2021 · 6.70% in January 1996Bank of England ↗ · retrieved 10 Nov 2026
£1,050 a monthrepayment on a typical home with a 25% deposit, 2025£402 in 2002Office for National Statistics ↗ · retrieved 10 Nov 2026 · Bank of England ↗ · retrieved 10 Nov 2026
35.0%of typical gross pay, 202524.5% in 2002; highest 45.6% in 2023Office for National Statistics ↗ · retrieved 10 Nov 2026 · Bank of England ↗ · retrieved 10 Nov 2026

Quoted mortgage rate: 2-year fixed, 75% loan to value

November 1996 to October 2026

UK average quoted rate · %

Reviewed figures: January 1996 to October 2026. The chart opens on the latest 30 years; choose All history for the full reviewed record.

Shown on this chart: 6.94% in November 1996; 5.39% in October 2026. 1.55 percentage points lower.

The line joins consecutive published observations.

Source: Bank of England ↗ · retrieved 10 Nov 2026

UK-wide average of quoted rates, not local and not the rate any borrower paid. An average of rates lenders quote, not the rate any borrower paid. Lower than the 75% LTV band for buyers with small deposits.

Monthly repayment as a share of median gross pay

2002 to 2025

Portsmouth council area · %

Reviewed figures: 2002 to 2025.

Shown on this chart: 24.5% in 2002; 35% in 2025. 10.5 percentage points higher.

The line joins consecutive published observations.

Source: Office for National Statistics ↗ · retrieved 10 Nov 2026 · Bank of England ↗ · retrieved 10 Nov 2026

Show the workings

This is an illustration from published figures, not a lender’s quote. Assumptions:

  • Deposit of 25% (the 75% loan-to-value band the quoted rate describes)
  • Repayment mortgage over 25 years
  • Rate: the September quoted 2-year fixed rate for that year, assumed to last the whole term
  • Price: median for the year ending September; pay: median gross annual full-time pay of residents, April of that year
  • Gross pay, not take-home pay; no fees, tax or other borrowing
Typical purchase by year, Portsmouth
YearMiddle priceMiddle payYears of payRate25% depositMonthly repaymentShare of gross pay
2002£96,350£19,6814.904.50%£24,088£40224.5%
2003£118,500£21,1485.604.56%£29,625£49728.2%
2004£133,000£20,3496.545.33%£33,250£60235.5%
2005£138,000£21,8136.334.52%£34,500£57631.7%
2006£142,500£21,7886.545.10%£35,625£63134.8%
2007£153,478£21,5957.116.05%£38,370£74541.4%
2008£157,000£22,2717.055.96%£39,250£75640.7%
2009£142,000£25,0815.664.47%£35,500£59028.2%
2010£150,000£25,4485.893.80%£37,500£58127.4%
2011£149,000£24,2996.132.92%£37,250£52525.9%
2012£150,000£24,7816.053.67%£37,500£57427.8%
2013£150,000£24,5606.112.54%£37,500£50724.8%
2014£162,500£26,2696.192.46%£40,625£54424.9%
2015£170,000£26,5286.411.91%£42,500£53524.2%
2016£185,000£25,8617.151.59%£46,250£56126.0%
2017£200,000£26,6557.501.40%£50,000£59326.7%
2018£210,000£27,4027.661.71%£52,500£64628.3%
2019£210,000£28,5697.351.55%£52,500£63426.6%
2020£218,000£27,1978.021.75%£54,500£67329.7%
2021£236,000£29,2158.081.20%£59,000£68328.1%
2022£250,000£32,3437.734.17%£62,500£1,00737.4%
2023£259,000£32,6387.945.91%£64,750£1,24145.6%
2024£255,000£35,1127.264.58%£63,750£1,07236.6%
2025£260,000£36,0227.224.19%£65,000£1,05035.0%

Sources: ONS house price to residence-based earnings ratio ↗; Bank of England quoted rates (IUMBV34) ↗; ONS median price paid ↗. Scripted fetch: scripts/counts/pompey/fetch/housing-buying.py.

Both barriers have grown. A typical 25% deposit has risen from £24,088 to £65,000, and the monthly repayment now takes a larger share of pay than in 2002. The share was higher still in 2023, when rates and prices were both high.

4 · What homes cost

Prices by type of home

Average prices from the UK House Price Index, August 2026 (provisional). They are not asking prices.

£163,156Flats and maisonettesHM Land Registry ↗ · retrieved 9 Nov 2026
£269,799TerracedHM Land Registry ↗ · retrieved 9 Nov 2026
£341,764Semi-detachedHM Land Registry ↗ · retrieved 9 Nov 2026
£506,503DetachedHM Land Registry ↗ · retrieved 9 Nov 2026

Different measure from the middle sale price above (mix-adjusted average, monthly, not the same homes). Terraced homes are the most common type in Portsmouth (43% of households, Census 2021 (council needs assessment, 2023)).

5 · Ways to buy

Schemes that can help

What each one is, whether it is open, and what exists in Portsmouth.

Shared ownershipopen nowBuy a share of a home (often 10% to 75%) and pay rent on the rest, plus service charges. The general household income ceiling outside London is £80,000.In Portsmouth: Planned at Victory Quay (VIVID). Advertised at Locks Reach (Abri): 35% shares from £113,750 for a two-bed terrace (full price £325,000), 10 November 2026.Compare the whole monthly cost, not only the mortgage on the share: ask about rent rises, service charges, repair duties and the cost of buying more shares. Some homes have a local-connection rule.
Your First Homeopens 2027For eligible first-time buyers buying a new-build from a participating developer: a deposit of at least 2.5%, a government equity loan of 20%, and a repayment mortgage. Household income of £110,000 or less outside London. The loan is interest free for five years, then 1.5% in year six and 3% from year seven, and is repaid at the property’s then value.In Portsmouth: No local developer confirmed. St James Park homes advertised from £324,950 are below the cap; participation is unconfirmed.Pre-registration is expected by the end of December 2026, applications from February 2027 and first sales from April 2027. Participating developers are not yet published. The reported price cap for Portsmouth is £340,000 (check GOV.UK local price caps). Separate from shared ownership and First Homes.
First Homesexists nationallyA discounted purchase scheme for first-time buyers on specific plots.In Portsmouth: No Portsmouth First Homes plot verified.None of the schemes on the housing sites page was verified as offering a designated First Homes plot. Ask the seller specifically.
Lifetime ISAopen nowThe government adds a 25% bonus to qualifying contributions. It can be used with shared ownership; the full property value, not just the share, matters for the purchase-price rule.In Portsmouth: Not specific to a scheme.Check eligibility and withdrawal conditions with a conveyancer.

Your First Home figures come from guidance updated 3 November 2026 and may change before it opens: opens 2027.

See the homes being built → Our proposal: a first-time buyer pathway →

Connected

Other parts of the housing story

RentingRents, evictions and help if you are at risk of losing your home.Paying for a home →Shared housingHouses in multiple occupation: where they are and how licensing has changed.Shared housing (HMOs) →New homesThe schemes planned or being built, and which could let you buy.Housing sites →HomelessnessTemporary accommodation, rough sleeping and the housing register.Homelessness and home conditions →

What is still missing

Not yet published

  • A local pay and price series before 2002 on the same definition. The resident-earnings ratio starts in 2002; a separate ONS ratio using workplace earnings runs from 1997 but is a different definition, so it is not joined to it.
  • Median first-time buyer deposit and mortgage size for Portsmouth (the average first-time buyer price is published for the city; deposit and mortgage size are national only).
  • How many shared-ownership, First Homes or Your First Home purchases have been made in Portsmouth.