What can you get for… under £200,000 in the West Midlands
For people looking for a balance of fast-paced city life and countryside, the West Midlands is fast-growing in popularity as the place to be. But while house prices here are certainly cheaper than London, it’s fair to say that buying a home is not as affordable as it once was.
But buying a home outright isn’t the only route for aspiring homeowners. Looking for a bargain price on a home in the West Midlands? We’ve rounded up some of the best homes that £200,000 can buy.
How much did homes used to go for in the West Midlands?
Getting on the property ladder in the West Midlands didn’t always cost an arm and a leg. 20 years ago in 2002, a semi-detached home cost just £85,000 in the area – that’s three times less than the average cost of £230,000 in Birmingham right now. This means you’d only have needed a 10% deposit of around £8,500 to get your home-buying dreams underway!
To say things have changed since then is a bit of an understatement. Between the years 2011 and 2022, the average housing cost in the West Midlands soared from £135,000 to £235,000. Wondering what the outlook is now? As the cost of home-buying rises across the UK, here’s how much you can currently expect to pay for a home in the West Midlands:
- Birmingham – £230,000
- Coventry – £236,000
- Lichfield – £368,000
- Stoke-on-Trent – £215,000
- Wolverhampton – £239,000
- Worcester – £322,000
Property values from https://www.primelocation.com/heatmaps/.
How to find an affordable home in the West Midlands?
Longing for the house prices of yesteryear? With an alternative and often more affordable homeownership scheme, you can find your dream home without having to pay an extortionate price upfront. Here are some of the different ways you can find a home under £200,000 in the West Midlands.
£114,240 (minimum deposit: £11,424) – one bedroom apartment in Birmingham
Buying your first home might be a trying process, but the First Homes scheme is designed to make life a bit easier for first time buyers. This exciting product offers first time buyers a discount on their first home, resulting in up to 50% off the market price. Apartments in the area have previously started at the modest price of £114,240, so you won’t need to spend an eternity saving your deposit.
In Birmingham, you can take advantage of this scheme at Perry Barr Residential, available through Connells, a stunning apartment complex with a selection of one and two bedroom apartments. You’ll live in an area surrounded by great facilities and green spaces, as well as transport links that make getting around extremely easy.
£106,000 (share percentage: 40%) – three bedroom house in Coventry
If buying a one bedroom apartment seems costly, buying a home for your whole family is a whole different kettle of fish. However, with Shared Ownership , you can find a more affordable home that is perfect for the whole family. Cutting down the time it takes for you to raise a deposit, Shared Ownership enables you to buy a share of your home, while you pay rent on the remainder!
Shared Ownership is an excellent option for people looking to live in the heart of cosy Coventry. With three spacious bedrooms, you’ll never lack for space, and you’ll also have a gorgeous rear garden for entertaining guests. With a minimum deposit of just £5,300 at Raveloe Gardens by Bromford, you can start enjoying special memories for years to come.
£100,000 (share percentage 40%) – two bedroom house in Lichfield
Home isn’t just a place where you can feel safe and secure – it’s also a platform for you to enjoy your new city. Available through Shared Ownership resale, this two bedroom house for sale in Lichfield is located in Enots Close, just two miles from the town centre, meaning you’re never too far away from the action.
From the comfort of your home, you’ll get to enjoy two spacious bedrooms, a living room and a stunning private garden – perfect for entertaining your friends and family. Available with a deposit of just £5,000, buying your first home with Orbit has never been easier.
£140,000 (share percentage: 50%) – three bedroom house in Wolverhampton
Looking for a home for your growing family? Look no further than this striking three bedroom home at Banbury Place, available through Connells. Available using Shared Ownership, these brand-new homes are perfectly placed for you to get the most out of life in the West Midlands. Located just two miles from Wolverhampton City Centre, it’s also a commuter’s dream, with plenty of travel links to choose from.
With a minimum deposit of just £7,000, you can find a dream home for you and your family. There are three spacious bedrooms, as well as an open-plan kitchen and gorgeous rear garden. So, as well as offering plenty of space for the family, you can entertain your guests at a moment’s notice.
Have you got your eyes on an affordable home in the West Midlands?
Information correct at time of publishing – 21/10/2023.