Getting on the housing ladder is never simple but choosing the right spot to put down roots could save you thousands of pounds. Coventry is one of the most affordable places in the region to buy a house, with a deposit costing an average of £24,652.
But head half an hour down the road to Stratford and it’s a very different story. There, deposits average almost £43,000, ranking it the most expensive place in the Midlands according to St Modwen Homes.
These figures have been calculated based on a 10% deposit – the minimum amount most UK banks will accept from first-time buyers.
With Stratford’s rich history and architecture, as well as being famous for its status as the birthplace of Shakespeare, it’s no surprise that the market town tops the list. But experts at St Modwen say this may mean homes here could be out of reach for many first-time buyers, and they would do well to look at nearby towns and cities.
Coventry came in cheaper than Leicester (£28,310) and Birmingham (£27,437) and is a good prospect for first-time buyers, with a diverse range of job opportunities. Wolverhampton (£22,398) and Stoke-on-Trent (£17,303) ranked as the cheapest places in the Midlands to get on the housing ladder.
Jo Winston, sales and marketing director at St. Modwen Homes, says: “We’ve heard from hundreds of people who are desperate to buy their first home but feel trapped by the system. The cost of living crisis is squeezing people’s finances, meaning there’s barely any money left to go towards savings.
"And those who are able to put some money away each month are getting very little return on investment because of low savings rates. All of this makes saving for a large deposit near impossible for many prospective homeowners."
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