UK Property Affordability Calculator ✨

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create or replace function calculate_property_affordability(salary int, savings int, existing_property_value int, monthly_outgoings int, salary_multiplier float, is_first_time_buyer boolean) /* YOU MAY WISH TO CHANGE THE INPUT FIELD DATA TYPE, TO SUIT THE OUTPUT */

returns string

language python

runtime_version = 3.9

handler = 'calculate_property_affordability'

--packages = ('pandas','pandas')

as

$$



def calculate_property_affordability(salary, savings, existing_property_value=0, monthly_outgoings=0, salary_multiplier=4.45, is_first_time_buyer=False):

def stamp_duty(property_value):

if is_first_time_buyer:

thresholds = [425000, 925000, 1500000]

rates = [0.05, 0.10, 0.12]

else:

thresholds = [250000, 925000, 1500000]

rates = [0.05, 0.10, 0.12]



duty = 0

remaining_value = property_value



for i in range(len(thresholds)):

if remaining_value <= thresholds[i]:

break

taxable_value = min(remaining_value - thresholds[i], thresholds[i+1] - thresholds[i] if i+1 < len(thresholds) else float('inf')) duty += taxable_value * rates[i] remaining_value -= taxable_value if remaining_value > thresholds[-1]:

duty += (remaining_value - thresholds[-1]) * rates[-1]



return duty



loan_amount = salary * salary_multiplier

total_affordability = loan_amount + savings + existing_property_value - (monthly_outgoings * 12)



# Estimate property value by iteratively subtracting stamp duty until the value converges

estimated_value = total_affordability

while True:

sdlt = stamp_duty(estimated_value)

new_estimated_value = total_affordability - sdlt

if abs(new_estimated_value - estimated_value) < 1: # Convergence threshold

break

estimated_value = new_estimated_value



return estimated_value, stamp_duty(estimated_value)



$$;