6th Apr, 2020

Bromsgrove 'Help to Buy' homes £116k more than West Midlands average

Harry Leach 27th Jan, 2020 Updated: 3rd Feb, 2020

HELP to Buy houses in Bromsgrove cost a staggering £116,500 more than the West Midlands average, according to the National Audit Office.

The new data highlights the huge cost for first time buyers in Bromsgrove who look to use the Government scheme to help them get onto the property ladder.

In 2019 the average Help to Buy purchase price was £365,537 in Bromsgrove, compared with £248,905 across the West Midlands.

Even when compared with the next most expensive area, Stratford-upon Avon, Bromsgrove buyers still needed to find an extra £40,000 to take advantage of the scheme.

Kerry Baker, a property expert, who has affiliation with Allcott Associates, noted how difficult it could be to find an affordable home.

“Although there are a few Help to Buy homes currently on the market in Bromsgrove, such as those on the David Wilson Gilbert’s Lea development, they are out of reach for many first time buyers,” she said.

“Currently the cheapest Help to Buy home available on the development is £422,500.

“Even finding a five per cent deposit of £21,125 will be a challenge for a lot of people in the town.”

The average salary for a Help to Buy purchaser in Bromsgrove is £69,700 compared with £51,100 across the region.

Help to Buy houses are not only expensive in Bromsgrove, they are also scarce.

Only one-third of new-builds in Bromsgrove are available on the Help to Buy scheme, versus more than half of new-builds across the West Midlands.

Visit www.helptobuymidlands.co.uk for more information on Help to Buy.

Visit www.allcottassociates.co.uk for more information on Allcott Associates.

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