A Midlands city has been named as one of the cheapest to own a home in the UK. Wolverhampton is fourth of the list of cheapest cities for homeowners.

It follows a study by St Modwen Homes, which looked at UK cities with the cheapest average monthly mortgage payments. It shows how the Black Country city might be the ideal place to live for families seeking an affordable lifestyle.

Wolverhampton homeowners pay £1,229 in mortgage payments each month on average. As that's an average, many families will pay much less than that.

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The rate is only bettered in three other UK cities: Stoke-on-Trent, Swansea and Liverpool. It comes at a time when many homeowners have seen their mortgage payments rise because of the economic crisis which saw interest rates hiked.

It's also more evidence of the affordability of the Black Country. Sandwell was recently ranked as one of the most desirable places to live, with reasons including comparatively cheap homes and its close proximity to and transport links with Birmingham.

The findings were based on average house prices and 6.16% interest rates. Jo Winston, sales and marketing director at St. Modwen Homes, said: “Getting onto the property ladder can often feel like an uphill battle for most first-time buyers, particularly when you factor in current interest rates.

"This research has been conducted with first-time buyers in mind, to help them easily understand which cities have the most potential in terms of affordability and desirability - ultimately helping them to secure their dream home. With that in mind, we aim to support buyers as best as we can, and that’s why we offer different buying schemes such as our 5% deposit contribution.

"This allows purchasers to bring down their monthly mortgage payments, as they won’t need to borrow as much money from their lender.”