A series of events aimed at demystifying the house-buying process for first-time buyers (FTBs) is to be held in Birmingham.
The Halifax will host the events at branches around the city after revealing that the average house in Birmingham now costs 58 percent more than it did in 2009.
Most expensive streets revealed
Today a buyer in the UK’s second-biggest city will need to pay £219,355 to secure a home. For FTBs, the average price to buy is £181,880 while home movers will pay £285,664.
The Halifax data has revealed the most expensive street in a Birmingham postcode is Rising Lane in Solihull. The average house price there is £1,908,000.
Two streets in Sutton Coldfield – Ladywood Road and Bracebridge Road – have an average house price above £1.5 million.
FTB deposit has risen
According to the Halifax, FTBs need an average deposit of £32,157 to buy in Birmingham, compared to £24,353 in 2009. That’s a rise of a third.
Meanwhile, the average age of a FTB has also risen, from 28 to 31, reflecting the tougher landscape newcomers to home ownership face in the shape of stagnating salaries, rising house prices and tougher lending criteria – all a consequence of the 2009 financial crash.
However, the desire to own a home remains unquenched. The Halifax helped almost 2,000 FTBs to get on to the property ladder in Birmingham last year.
To encourage even more this year, the bank will host events that simplify the whole home-buying process.
Making home-buying process easier
Gerald Davies, Halifax area director for Birmingham, said: “Over the next two months, we want to demonstrate the support we currently provide and can provide to the people of Birmingham.
“Where it’s your first or next home, Halifax can make the process easier and less stressful.
“A series of first-time buyer events will run across the city, helping thousands of people in Birmingham navigate the mortgage minefield that can be daunting to those taking their first steps.”