Choosing where to live can be a difficult decision. There are so many factors to consider - from house prices and transport links, to local amenities and future investment and development in the area.
08.01.2024 - 16:25 / manchestereveningnews.co.uk
Buying a house is an expensive milestone that many people save up for years to achieve. In recent years, the cost of living crisis has made it increasingly difficult for people to afford a home, from rising house prices to soaring mortgage rates.
If you're a first-time buyer looking to step on the property ladder for the first time, or are a homeowner who is looking to move to a different part of Greater Manchester, it is a good idea to know what sort of salary you might need to earn and how big of a deposit you'll need to save before you start looking.
According to the most recent data from Office for National Statistics, the average weekly earnings across the region for full-time employees is £646, which equates to an annual income of around £31,000 a year. Whilst this may seem like a relatively good wage, it won't stretch very far if you're looking to buy a house in certain parts of the region.
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Using the most recent figures provided by Zoopla, we look at the average salary Greater Manchester house-hunters need to earn to buy a home in each of the region's 10 boroughs - along with the average house price and 15 percent deposit needed to secure a home.
If you're looking to buy a home in Bolton, you can expect the average house price to be around the £170,600 mark - making it one of the cheaper boroughs to live. To afford this, you'll need a salary of around £32,230 and a deposit of £25,590.
House prices are slightly higher in Bury, with the average cost of a home currently £215,500 on average. To live in this borough, you'll need
Choosing where to live can be a difficult decision. There are so many factors to consider - from house prices and transport links, to local amenities and future investment and development in the area.
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WIth the new year underway, now may be the best time to start looking for your first or next home. But with a region as big as Greater Manchester, it can be difficult to know where the most affordable areas are.