In Birmingham, the average price for first time buyers reached £148,833 in May this year, up by six per cent from £140,473 in May 2016
The average house price for first time buyers in Birmingham has leapt by more than £8k in the past year.Analysis of figures from the Land Registry has revealed exactly how much you’ll have to shell out to get on the property ladder in every area of the country. In Birmingham, the average price for first time buyers reached £148,833 in May this year, up by six per cent from £140,473 in May 2016.
While not one of the biggest increases seen in England, the rise is still higher than the national average. Across the country, the average house price for new buyers rose from £191,285 last year to £200,770 this May - an increase of five per cent.The rise in Birmingham means that first time buyers in the city will need to have a deposit of nearly £15,000 (assuming a 10 per cent deposit), and pay around £780 a month on a 25-year mortgage.
Other parts of the West Midlands saw even more significant increases.