Taking your first step on the property ladder in Coventry? Here at Zoopla, we have data that you might find useful.
It looks at average house prices across the UK by postcode and then estimates how much a first-timer would need to earn and have as a deposit to buy there.
We've summarised this information in to the map below. It shows what income you would need to buy a two- to three-bedroom property in various postcode areas in Coventry – in short the greener, the better.
(Click on map for larger version)
Quick pointers for first time buyers in Coventry
The average first time buyer property (a two- to three-bedroom house) in Coventry costs £174,399 with the average deposit required standing at £26,160 and the average income required from a first time buyer household of £37,060.
The most affordable area can be found to the north of the city in Holbrooks and Longford (CV6), which is home to the Ricoh Arena where Wasps RFC play. Here, the average first time buyer property costs £153,979, requiring a deposit of £23,097and a household income of £32,720.
As the map above shows, staying to the north of the city provides the most affordable options for potential buyers, with property in Bulkington, Bedworth and Nuneaton worth investigating for first time buyers.
Coventry’s most expensive postcode is CV5, which includes Allesley, Earlsdon, Eastern Green, Chapelfields and Brownshill Green. Here first time buyers would need to earn an average of £43,338 to buy a home for £203,943.
| Postcode | Area | Average house price | Average deposit required | Average household income required |
|---|---|---|---|---|
| CV6 | Coventry North, Holbrooks, Longford | £153,979 | £23,097 | £32,720 |
| CV1 | Coventry City Centre, Gosford Green, Hillfields, Spon End | £154,753 | £23,213 | £32,885 |
| CV2 | Coventry North East, Walsgrave, Wyken, Stoke, Bell Green, Aldermans Green | £164,383 | £24,657 | £34,931 |
| CV4 | Coventry South West, Tile Hill, Canley, Cannon Park, Lime Tree Park, Westwood Heath, University of Warwick | £175,729 | £26,359 | £37,342 |
| CV3 | Coventry South East, Binley, Whitley, Willenhall, Cheylesmore, Finham, Stoke Aldermoor, Binley Woods | £193,610 | £29,042 | £41,142 |
| CV5 | Coventry North West, Allesley, Earlsdon, Eastern Green, Chapelfields, Brownshill Green | £203,943 | £30,591 | £43,338 |
How have we calculated it?
We've looked at the average price of two-to-three bedroom homes – the most common type of property purchase for first time buyers in Coventry.
We've then taken the average mortgage advance from lenders in the region and worked out the average deposit and average salary required for the loan (based on four times' salary).
What's it like to live in Coventry?
Coventry is a great place for first-time buyers thanks to its contemporary flair and reasonable house prices. With bustling markets, a fabulous live music scene and varied green spaces, this West Midlands city has something for everyone. Discover more about living in Coventry.
How can I afford a home as a first time buyer?
Building as big a deposit as possible is the first step. This allows you to borrow a lower percentage of the value of the property and access better mortgage rates. Consider a Lifetime ISA that offers a capped 25% bonus as a good option to get started.
Aim for a minimum 10% deposit. It is possible to put down less in some cases, but this means a less favourable mortgage rate and a higher monthly mortgage payment.
If you are struggling to raise a deposit, check outHelp to Buyequity loanwhere it will lend you up to 20% of the purchase price interest-free for the first five years. You could also look at ashared ownershipscheme where you purchase a percentage of the property and pay affordable rent on the remainder. Your local housing association should be able to help out here
Provided your credit score is in good order and your monthly outgoings do not limit your ability to repay a mortgage, banks and building societies will lend up to around four times your salary.
If you are buying as a couple, then combining your incomes will mean you can borrow more and increase your maximum loan.
To find the best deal for you it's worth speaking to an independent mortgage advisor for mortgage advice. Some charge a fixed fee and some will work on commission. You can also get an instant online quote by using a comparison website that will have a range of deals from different mortgage providers.
Don’t forget that, when buying a home, there will be other fees such as those for a licensed conveyancer and moving costs. There shouldn't be any hidden fees, but always make sure you understand where extra costs could spring from. For example, is there an monthly maintenance charge? Will you have pay for a parking permit?
The good news is that stamp duty land tax is waived for first time buyers on the first £300,000 of the purchase.
For more help purchasing your first home, read our first time buyers' guides.
First time buyer affordability in the UK
If you're prepared to cast your search further afield still, then our first time buyer affordability map of the UK (below) might help you find more affordable alternatives to step on to the housing ladder.
But remember that, while the UK map might prove a helpful overview, in practice, UK property markets operate on a hyper-local level.
This means that researching cities down to even a street-by-street level will give you the best chance of getting the best value property.
Full methodology: House prices taken from a subset of Zoopla-partner Hometrack's stock valuation database (one-to-two beds for London and two-to-three bedrooms for rest of UK). Median price calculated as of June 2018. Median advance taken by region (c75% for London, c85% outside of London) from UK Finance. Term of Mortgage: 25 years. Interest rate: 2.00%. Loan to income ratio: 4.0. Earnings required for affordability is greater of those required to satisfy loan-to-income threshold or income required to service the mortgage.