The West Midlands has been named the most expensive region in the UK for first-time buyers, with experts warning of a “bleak” outlook.

New research reveals that a staggering 95% of people in the West Midlands can’t afford to buy their first property. This is significantly worse than the national average, where 88% of first-time buyers struggle to get on the property ladder.

The shocking figures come from the Skipton Group Home Affordability Index, which analyses data on house prices, wages, and savings to determine how easy it is for different groups of people to buy a home in different parts of the country. The index highlighted the West Midlands as the worst region in Great Britain for those hoping to buy their first home.

The report suggests that the main reason for this affordability crisis is the low level of savings among young people in the West Midlands, coupled with house prices that, while not sky-high, are still out of reach for many.

Although the pandemic briefly improved the situation, the cost-of-living crisis has wiped out any progress made. Sadly, there are “limited signs” that things will get easier any time soon.

Stuart Haire, the CEO of Skipton Group, stressed the importance of homeownership for millions of people in the UK. He said: “Being able to have somewhere to call home is widely recognised as one of the most important issues facing millions of people up and down the country. But to fully understand the problem, we felt we needed to move beyond the examination of house prices, income, and rent to a deeper understanding of what is driving overall housing affordability.”

He highlighted the desperate situation faced by those in the West Midlands, especially first-time buyers, and called for immediate action. “For those in the West Midlands, our findings paint a bleak picture, notably for first-time buyers – with only five percent able to afford their first home, the lowest of anywhere in Great Britain,” he said.

Mr. Haire believes that tackling the housing affordability crisis requires a joined-up approach. He urged the government to work with different departments, industries, and sectors to address the issue.

“The scale of the challenge of housing affordability is so great that no one person can lead that charge, so we are calling on the government to work cross department, cross Whitehall, cross sector and cross industry, so that together we can really start to solve an issue that impacts so many people,” he said. “We stand ready to be part of those efforts”.