Yahoo News Stoke-on-Trent in top 10 cheapest UK cities to buy first home - here's what you can get
Stoke-on-Trent has been named in the top 10 least expensive UK cities to get on the property ladder. The average asking price of £117,113 for a typical first-time buyer home places the city as eighth cheapest.
A typical monthly mortgage payment - assuming a 35-year term - is £434, according to research by Rightmove. The study looked at more than 50 cities across Britain.
It made certain assumptions about mortgage costs, including that first-time buyers in Scotland and Wales had a 20% deposit and were taking out a five-year fixed-rate mortgage at average rates. It also assumed that first-time buyers in England had a slightly higher deposit, at 25%, reflecting industry averages for deposit sizes, and were taking out a five-year mortgage.
Aberdeen was identified as the least expensive city to get on the property ladder, with the average asking price for a first-time buyer-type property with two bedrooms or fewer priced at £102,601. Bradford, Sunderland, Carlisle and Preston complete the top five least expensive cities.
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Rightmove’s property expert Tim Bannister said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates. Longer mortgage terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage."
Here are five Stoke-on-Trent properties up for sale on Rightmove for just under the average asking price:
Boughey Street, Penkhull - offers in excess of £115,000
Rightmove describes this property as a "charming terrace property" which has undergone a full refurbishment. It adds: "House boasts a range of fantastic features that make it an attractive option for buyers. With two well-proportioned bedrooms, this property provides ample space for comfortable living. The rooms are decorated in a neutral colour scheme that will allow a new owner to easily add their own personal touch."
See the property here.
Town Road, Hanley - offers in excess of £115,000
This is a semi-detached property with three bedrooms. Rightmove states: "Here is a property you will adore. Come and take a look at this much loved family home, perfectly located on the outskirts of Hanley Town Centre, close to local schools, shops and amenities."
See the property here.
Neville Street, Oakhill - offers in region of £115,000
This one is "ideal" for first-time buyers according to Rightmove. It states: "A charming mid-terraced property nestled in the heart of Oakhill, Stoke-on-Trent. Boasting a well-presented interior, this delightful two-bedroom residence offers a comfortable and inviting living space, ideal for first-time buyers, young families, or those seeking a conveniently located home."
See the property here.
Bell Avenue, Normacot - offers over £115,000
Rightmove states: "This three-bedroom town house on Bell Avenue in Normacot boasts several desirable features despite needing some modernisation. Situated in a cul-de-sac, it offers a quiet and safe environment, with convenient proximity to Longton Town Centre. One notable perk is off-road parking at the front, providing security for vehicles. The property also benefits from a rear garden, offering outdoor space for relaxation or entertaining."
See the property here.
Clare Street, Basford - offers in region of £110,000
A "fantastic opportunity" for would-be buyers according to Rightmove. It states: "This well presented terraced house, located at Clare Street, Basford, presents a fantastic opportunity for those seeking a well maintained property in a popular and convenient location. With its two double bedrooms, modern fitted kitchen and first floor family bathroom, this property is perfect for first-time buyers, small families, or investors looking for a lucrative rental opportunity."
See the property here.
The 10 cheapest cities to get on the property ladder according to Rightmove, with the average asking price for a typical first-time buyer home and the typical monthly mortgage payment, assuming a 35-year mortgage term:
Aberdeen, £102,601, £406
Bradford, £107,929, £400
Sunderland, £111,263, £413
Carlisle, £111,268, £413
Preston, £112,273, £416
Hull, £113,920, £423
Dundee, £116,191, £460
Stoke-on-Trent, £117,113, £434
Durham, £125,957, £467
Doncaster, £128,062, £475
