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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Bolton
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.
Bury
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.
Manchester
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.
Oldham
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.
Rochdale
In Rochdale, the average house price for a first-time buyer is around £168,600, with a 15% deposit of £25,290.
You'd need to earn around £31,800 per year to buy a home in this borough.
Salford
Those looking to buy their first home in Salford would need a salary of around £37,900 to buy a house for the average house price of £200,700.
A 15% deposit of £30,105 would then be needed to secure a home in this borough.
Stockport
Stockport is one of the more expensive boroughs and there for requires a much higher salary to buy a home there.
First-time buyers will need to earn around £45,100 a year and save for a 15% deposit of £35,775 for the average house price of £238,500.
Tameside
In Tameside, the average house price for first-time buyers is £187,600 which means you would typically need to save up for a 15% deposit of £28,140 to buy a home in this borough.
The average income needed to afford a home here is around £35,400 per year.
Trafford
To live in Trafford, first-time buyers would need the highest income out of all the boroughs, earning around £55,600 a year.
The average price of a house in Trafford is £294,600 and you would need to save a 15% deposit of £44,190 to buy a home here.
Wigan
First-time buyer homes in Wigan are the cheapest in Greater Manchester with an average house price of £155,600.
This means that the salary needed is much less than the rest of the boroughs at £29,400, as well as a lower deposit of £23,340.
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