How much first-time buyers now need to earn and save to buy a house in every Greater Manchester borough
12.10.2022 - 20:22
/ manchestereveningnews.co.uk
First-time buyers today face an even bigger challenge when it comes to getting a foot on the property ladder. House prices have been on the rise for the past few years and on top of the cost of living crisis, which is making it more difficult to save for a deposit, mortgage repayments are now expected to rise alongside interest rates.
Before you begin house-hunting, it is important to know what sort of salary may be expected to help you secure a mortgage and the average deposit you need to save to buy a home in each area of Greater Manchester.
Based on the average house price for a first-time buyer in each of the region's 10 boroughs, property site Zoopla has now worked out the average income and 15% deposit needed to buy a home in each area.
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First-time buyers looking to buy in Bolton can expect an average house price of £162,900, which is amongst the cheapest of the boroughs.
To get on the property ladder here, you will need a salary of around £30,800, and a 15% deposit equating to £24,435.
To buy your first home in Bury you need a larger income of £39,800 a year, with a 15% deposit of £31,575.
This is based on the average house price for first time buyer homes in the borough which is £210,500.
The average house price is around £209,300 for first-time buyers in Manchester.
To buy your first property here, a 15% deposit of £31,395 would be needed along with a salary of £39,500.
First-time buyers wanting to buy a home in Oldham will need a salary of around £32,500.
Along with a 15% deposit of £25,845, this would help you to buy a property with an average house price of £172,300.
In Rochdale, the