Five miles north of Bury sits a tiny picture-postcard village with a population of just 150 people. Affetside is a peaceful village with quaint cottages dotted along one long country lane.
14.06.2022 - 20:53 / manchestereveningnews.co.uk
With house prices continuing to soar and the cost of living crisis worsening, it is becoming much more difficult for people to buy their first home. With the average house price in the UK at an all-time high, first-time buyers now need to save up a much bigger sum to get their foot onto the property ladder.
Before you begin your house hunting search, it is a good idea to know what average deposit is needed to buy a home - which often fluctuates depending on where you choose to live.
Taking into account the average house price and salary, Zoopla has calculated the deposit first-time buyers would need to save to purchase a home in each of Greater Manchester's 10 boroughs.
READ MORE: The house hunting tip that can help you save £22,000 on your next home
Although in some instances you can put a 5 percent deposit down, the average deposit for a first-time buyer is the UK is around 15 per cent of the purchase price, with the rest being borrowed via a mortgage. This data is therefore based on putting down a 15 per cent deposit.
Bolton is one of Greater Manchester's cheaper areas to buy a home, with the average house for a first-time buyer costing around £140,000.
Those looking to get on the property ladder will need to save up for a deposit of around £21,000 to buy a home in the borough, with an average household income of £26,444.
According to Zoopla, the average house price in the Bury borough is £175,000. This means that based on a 15 per cent deposit, first-time buyers would need to save up at around £26,250 to buy their first home.
Buyers would also need an average income of £33,056 to get on the property ladder in this area.
First-time buyers looking to buy a home in Manchester would need an average deposit of
Five miles north of Bury sits a tiny picture-postcard village with a population of just 150 people. Affetside is a peaceful village with quaint cottages dotted along one long country lane.
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House prices are at an all-time high, and coupled with the cost of living crisis, now is an increasingly difficult time to buy. First-time buyers looking to get on the property ladder are now facing an even bigger challenge as demand continues to outweigh supply, meaning that any homes that do become available are being snapped up quickly.
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