If you're planning to get your first foot on the property ladder in Coventry, arm yourself with data first on the most affordable options.

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 post code 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 post code areas in Coventry – in short the greener, the better.

Map showing first-time buyer affordability in Coventry

(Click on map for larger version)

Quick stats about 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, 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.

Top postcode areas in Coventry ranked by affordability

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 salary required for the loan (based on four times' salary).

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.

Aim for a minimum 10% deposit. It is possible to put down less in some cases, but this means less favourable mortgage rate and higher monthly repayments.

If you are struggling to raise a deposit, check out Help to Buy where the Government will lend you up to 20% of the purchase price interest-free for the first five years.

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. 

Don’t forget that, when buying a home, there will be other fees such as solicitor and moving costs. 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.

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. 

Map showing affordable housing in the UK for first-time buyers

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.

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