New research has revealed that, on average, first-time buyers in the West Midlands are having to save between £17,303 and £42,960 for a house deposit, depending on where they wish to live in the region.
The data, from St. Modwen Homes, shows that despite the deposit figures being substantially higher in some areas, there are some locations in the Midlands where first-time buyers can expect to pay much less. And there are ways they can put down a lower deposit, helping them get onto the property ladder.
Across the Midlands, Stratford-upon-Avon has been revealed as the place where prospective buyers can expect to pay the highest deposits, while Stoke-on-Trent is the most affordable area on average.
The research also shows how much people in Birmingham are having to pay for a house deposit compared to other cities.
Let's take a look at the full breakdown below, ranked from highest average deposit to lowest. These figures have been calculated based on a 10% deposit – the minimum amount most UK banks will accept from first-time buyers.
1. Stratford-upon-Avon: Average first tirst time buyers deposit - £42,960
Stratford-upon-Avon, the birthplace of Shakespeare, is rich in history and features charming architecture, so it’s no surprise that this beautiful market town tops the list. However, with the average deposit being a staggering £42,960, it may be out of reach for some first-time buyers. Those wanting to live close to the picturesque town may want to consider looking at homes for sale just outside of Stratford-upon-Avon to take advantage of lower house prices.
2. Worcester: Average first tirst time buyers deposit - £29,156
Worcester may be a good contender for first-time buyers, especially as the difference between the average deposit in this city compared to Stratford-upon-Avon is a huge £13,804. Homes for sale in Worcester are considerably cheaper than Stratford-upon-Avon, but the location is just as beautiful. Residents will have plenty of things to do thanks to its variety of eateries, shops, bars, and countryside walks.
3. Leicester: Average first tirst time buyers deposit - £28,310
Leicester closely follows Worcester, with the average deposit in this city being £28,310. Recently named the best place to live and work in the East Midlands, Leicester could be a good choice for some first-time buyers. The city has great amenities like shopping and dining, as well as a fun entertainment scene.
4. Birmingham: Average first tirst time buyers deposit - £27,437
Despite being the second largest city in the UK, the average deposit needed to buy a home in Birmingham is a lot less than some other locations in the Midlands. Over the years, Birmingham has transformed into a thriving hub of culture, innovation and opportunity. With its impressive variety of restaurants, shops, entertainment venues and beautiful green spaces, this city caters to a variety of interests and lifestyles.