Amid rising bills and inflation, the cost of homes and mortgages have been among the biggest things burning holes in people's pockets recently. As of January 2024, the average house price in England stood at £299,000 . While this was 1.
5% lower than the previous 12 months, research shows that the average wage-to-house-price ratio has more than doubled since the 1990s. In that decade, houses prices generally costed four times a person's annual salary but this rose to eight times a person's salary in 2022, according to Schroder . The asset management company also noted how first-time buyers are particularly struggling, saying that affordability has "deteriorated dramatically" for them.
With people struggling to get on the housing ladder and potential buyers looking to save money on mortgages, we decided to take a trip to the cheapest postcode in the Black Country for purchasing a home. READ MORE: I regularly drive around the Midlands and there's one road I'll never go back down Get breaking news on BirminghamLive WhatsApp , click the link to join Research carried out by Online Marketing Surgery and Cardinal Steels revealed the cheapest postcode in the Black Country was the Wolverhampton WV1 postcode, which covers the city centre. Here, the average property costs £159,286 - £138,714 less than the English average.
While the list stated the WV1 postcode covered Wolverhampton's city centre, it also encompasses parts of Whitmore Reans and Dunstall Hill in the west and north, incl.