Stoke-on-Trent Ranked Sixth Most Affordable City for Home Buyers Nationwide

A recent report highlights Stoke-on-Trent as a top affordable city for home buyers. Despite challenges, the housing market shows surprising resilience in 2024.

Stoke-on-Trent Ranked Sixth Most Affordable City for Home Buyers Nationwide
Stoke-on-Trent Ranked Sixth Most Affordable City for Home Buyers Nationwide

Stoke-on-Trent: A new report from Nationwide reveals some interesting insights. It shows that house prices and mortgage activity are holding up better than expected.

Even with ongoing affordability issues, the market is surprisingly resilient. Many first-time buyers are still facing challenges, especially with high mortgage payments.

Andrew Harvey, a senior economist at Nationwide, noted that while affordability has improved slightly, it’s still tough. For an average buyer, mortgage payments can take up a big chunk of their income.

In fact, a typical first-time buyer might spend about 36% of their take-home pay on a mortgage. That’s way above the long-term average of 30%. The struggle to save for a deposit is real, especially with rising rents and living costs.

The report also found that many first-time buyers are getting help from family or friends to raise a deposit. Despite these hurdles, the housing market is showing signs of life.

In 2024, house prices grew by 4.7%, which is a nice bounce back from earlier declines. Mortgage approvals are back to 2019 levels, even with higher rates.

Interestingly, first-time buyers made up a larger share of the market than before the pandemic. The report also looked at how different jobs affect mortgage payments.

Those in higher-paying jobs tend to have lower mortgage costs relative to their income. For example, managers might spend about 25.6% of their pay on a mortgage, while those in customer service could spend over 51%.

So, while Stoke-on-Trent is a great place for affordable housing, the journey to homeownership still has its bumps. But with the economy expected to improve, things might get easier for buyers down the road.

Image Credits and Reference: https://www.stokesentinel.co.uk/news/stoke-on-trent-news/nationwide-names-stoke-trent-sixth-9890444
Disclaimer: The images on this site are for informational purposes and fall under fair use. We use publicly available resources and try to include official content. If you have any concerns, please reach out to us.
Fact-Checking Policy: We rely on trusted sources and double-check our information before sharing it. However, mistakes can happen. If you spot an error, please let us know. We'll fix it as soon as possible.

Xavier Marlega is a dedicated journalist with a knack for exploring current events and social issues, always providing meaningful insights in his work.