They say that buying a home is one of the most important decisions you'll make in your life, and anyone that has the privilege to own their own home will probably be able to agree the process is certainly stressful.

From estate agents to solicitors and viewings to mortgages, there are so many things to think about and get on top of.

In recent years, house prices have boomed - with many people having to wait longer until they're able to afford to get onto the property ladder.

In Basingstoke, house prices are up 6 per cent on 2019 levels, with the pandemic proving no deterrent for people wanting to upsticks and buy their own home.

It's also been the focus of a lot of political capital, too, with ultra-low deposit mortgages making a return in this year's budget and the government pledging to turn "generation rent into generation buy".

But just how much do you need to earn to buy a house?

For most people, you'll need a mortgage, where you pay some of the cost of the house, but a bank or a building society pays most of it.

Then, you'll pay back that mortgage over a set number of years.

The amount that a bank or building society will lend you will depend on a number of factors, chiefly your income and ability to pay them back.

The exact amount varies due to market conditions, but banks will generally lend around 4.5 times your annual household income.

The average first home costs around £200,000 in the UK, and banks normally expect you to have at least a 10 per cent deposit. However, that changed this month, with many lenders signing up to the government's ultra-low deposit scheme, seeing people able to buy with 5 per cent deposits.

Therefore, if you're just getting on the housing ladder, and you have a 10 per cent deposit (of £20,000), you'll need an annual household income of roughly £40,000 to be able to borrow the remaining £180,000 from a bank.

This can be realistic if you're buying with a partner, but if you're buying on your own, it can seem pretty daunting.

Whilst 5 per cent deposit mortgages have been welcomed, they may not help in this regard either. Having a lower deposit means you need to borrow more, and subsequently means you need a higher earnings.

That £200,000 property with a 5 per cent deposit now means you need to have an annual household income of roughly £42,000.

Plus, 5 per cent deposits are also likely to have a higher interest rate - increasing your monthly repayments and the amount you repay overall.

It also increases the chance you could slip into negative equity, where house prices fall and you're repaying a mortgage that's worth more than the value of your house.