Can First Time Buyers Afford to Buy in Stoke?

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Can First Time Buyers Afford to Buy in Stoke?
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First-time buyers often face the daunting challenge of finding affordable homes without having huge deposits. In some areas of the country, buying a home on an average salary is simply not possible. However, one perhaps surprising city that has recently emerged as a place of opportunity for those looking to leap onto the property ladder is Stoke on Trent.

Named the third most affordable location in England for first-time buyers by online mortgage broker Mojo Mortgages, Stoke-on-Trent stands out in the competitive housing landscape as one of the places first-time buyers should look at if getting on the property ladder is proving difficult elsewhere. Based on factors such as house prices, average annual salary, and monthly take-home pay, the city presents an appealing prospect for first-time buyers.

If you are looking to invest n the city, we can help you sell flat fast and free up cash so you can invest. As cash house buyers, at We Buy Any Home we have bought thousands of properties across the entire country, including plenty in Stoke. We are the UK’s biggest cash house buyer for a reason, and our team members are regarded as the most trusted property buyers in the country, so trust us to sell your property today if you are looking for quick cash to invest in Stoke.

How much is property in Stoke?

According to sold prices on rightmove.co.uk, over the past year, Stoke-On-Trent’s overall average property price stood at £172,880.

In this period, semi-detached homes were the predominant sales, averaging at £177,024, while terraced and detached properties were exchanged at average prices of £116,881 and £299,394 respectively.

Comparing these figures to previous years, there has been a 6% increase in sold prices in Stoke-On-Trent and a notable 12% rise since the 2020 peak of £153,908. With the average UK house price as of May 2023 being £302,000, buying a home in Stoke is much more achievable. In fact, in Stoke, statistics show that average monthly mortgage repayments take up just 17.35% of a couple’s income. With an average property price of £166,607 and an average annual salary of £26,765, it provides a viable option for many aspiring homeowners.

How much do first-time buyers have to pay?

When looking to purchase a home, you’ll generally need a minimum deposit of 5% of the property’s value, although in today’s market, you may get many more mortgage options if you have a 10% or even 15% deposit.

Saving a 5% deposit may seem like the quickest path to homeownership, but there can be considerable advantages in holding out until a larger deposit has been saved. By doing so, not only do you widen your range of potential lenders, but the interest rates accessible to you will likely decrease as the size of your deposit grows – very important today as mortgage rates are sitting well above 5% on average.

Mortgage arrangements are commonly structured around Loan to Value (LTV) brackets, ranging from 60% LTV up to 95% LTV, each ascending increment representing a different level of financing.

Buyers who can afford the largest deposit, thus achieving the lowest LTV, will be privy to the most favourable interest rates. However, gathering a 40% deposit may seem an overwhelming task, especially for a first-time buyer. It’s worth noting that even minor savings beyond a certain LTV bracket can lead to more affordable rates. For instance, increasing a deposit from 9% to 10% might move you into a more favourable bracket, yielding cheaper rates in return.

What are the advantages of living in Stoke-on-Trent?

Living in Stoke-on-Trent offers advantages that cater to a diverse array of interests and lifestyles. Home to around 260,000 residents and a blend of six unique towns, Stoke is recognized for its rich history in arts, crafts, and surprisingly appealing surroundings. Its revitalization is shown by projects like the £60 million Goods Yard. The city is also well-served by major roads, rail networks, and even airports, ensuring seamless connections to the rest of the UK.

Stoke has plenty of good schools and is home to Staffordshire University and nearby Keele University. Stoke’s cultural landscape is equally rich, boasting a wide range of shops, theatres, pubs, and restaurants right across the six towns. Whether it’s shopping at Hanley’s Potteries Centre or dining at local culinary hotspots, there’s something for everyone.

The entertainment scene is equally lively in Stoke’s bustling Cultural Quarter, featuring live performances, art venues, and vibrant music scenes. For sports enthusiasts, the city offers top-notch facilities and the chance to support local teams such as Stoke City FC and Port Vale FC. Outdoor lovers can explore Trentham Estate and the Stoke-on-Trent Heritage Canoe Trail, while family-friendly attractions like Alton Towers Resort provide endless fun.

So if you are a first-time buyer looking for an affordable place to live, Stoke on Trent should be right at the top of your list. Its affordability is attracting outside investors so why not join them and get yourself on the ladder?  

Invest in Stoke with We Buy Any Home

If you have already got a property or two and want to invest in the city but are struggling to sell your property to fund it, consider the services of a cash house buyer like We Buy Any Home. As cash house buyers we are equipped with the financial means to purchase your entire property outright. Utilizing a cash house buying firm offers advantages, like the rapid sale of your home, often in as little as 7 days.

At We Buy Any Home, we prioritize transparency. We have no hidden charges, and the final price quoted for your property is what you’ll receive in its entirety. Give us a call today and find out how we can help you free up cash to invest in Stoke.  

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