Midlands among most accessible locations for first time buyers
10 Jul 2019
Making your first crucial house search in The Midlands?
You’ll be pleased to know key cities here are among the easiest to save up, find property for sale and buy homes in.
First time buyers account for one in three property sales. Based on net wage and a 10% deposit, latest research for finance specialists, One77 Mortgages identifies locations offering the fastest first foot on the housing ladder.
Across the UK the net salary available would allow a home buyer to save a 10% deposit on the average house price in just 11.4 months.
No surprises that London as a whole - taking nearly 18 months - is the most challenging place to save for a deposit, with the City of London the least affordable, at more than 25 months.
But the East and West Midlands are rated among the more affordable locations for first time buyers stepping onto the property ladder - less than the national average and neck and neck in taking just 10 months to save for that 10% deposit.
The North East offers the best mix of money and property affordability, with an average 7 months needed to save a 10% deposit. Burnley is the easiest place to buy, with net salaries totting up to a 10% mortgage deposit in just 4.7 months.
“While wages, property prices and the cost of living are relative to each area, this research highlights the easiest places to save for a deposit and get on the property ladder in the shortest space of time,” says Shezad Tayub, Director of Online Estate Agents.
“The Midlands offers a great start, with central locations for working and realistic options for first time buyers in our major cities of Leicester, Derby, Nottingham and Birmingham.”
House prices in UK Cities increased by 1.8%overall during the 12 months to May 2019.
The latest Zoopla Cities House Price Index shows average income for a first time house purchase has grown 9% since 2016 and now stands at £54,400.
Income to buy a house in The Midlands is at its highest in Leicester, rising 20% since 2016, due to above average house price inflation over the past three years.
The average house price is currently £178,900, commanding a household income of around £37,000 to buy; in Birmingham it is £165,800, requiring a household income of around £35,000; and in Nottingham the average £154,700 requires a household income of approximately £32,000.
Prices in all three cities are still substantially lower than the national average of £219,200.
“If you’re nearing that magic number to buy it pays to seek good advice from the experts,” adds Shezad.
“Nothing beats the on the ground knowledge of a good property agent like Online Estate Agents. Our expert team know their areas onside out, offering both independent and locally focused advice.
“Never forget that location should always be a top priority and the more information you have on an area the better equipped you are for a thorough property search and successful negotiation.”
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