With rising mortgage rates adding to existing cost-of-living pressures, many people hunting for a house will be looking closely at how much they can afford to pay.
The Bank of England’s decision to hike the base rate by 0.5 percentage points to 5% in June has not dampened market expectations that interest rates will remain high for some time yet, and Money Saving Expert Martin Lewis has warned homeowners face a “nightmare year” of soaring costs.
Moneyfacts, the financial data provider, warned people looking for a new mortgage deal faced rates about 3% higher than a year ago. Our own analysis shows monthly repayments for a £250,000 mortgage on an average two-year fix of 5.49% would cost £401 more per month than it did two years ago.
But with renters also facing large hikes in what they pay, many will still want to get onto the property ladder. Others may be wanting to relocate or downsize.
So which areas of Birmingham have the cheapest property prices? Every three months, the Office for National Statistics releases highly localised figures showing how sale prices vary across England’s suburbs, towns and villages.
The latest set of figures pinpoint the parts of Brum which had the cheapest homes, on average, in 2022. The figures are the median price, and encompass all home types and sizes. Here are the 18 cheapest areas of the city
1. Winson Green & Gib Heath
In the neighbourhood, homes sold for an average of £144,000 in 2022.
2. Aston Park
In the neighbourhood, homes sold for an average of £145,000 in 2022.
3. Balsall Heath East
In the area, homes sold for an average of £152,000 in 2022.
4. Saltley West - 20.8% rise
In the area, homes sold for an average of £154,500 in 2022.