Buying property is a significant goal for many people in life, but it is expensive. Saving money for a deposit is challenging, and buyers have to be confident they can afford monthly mortgage payments. It is easy to see why first-time buyers have concerns about stepping on to the property ladder.
However, there is a tremendous range of choice and options across the country. If you find house prices too high, or the sum of money required to buy a home to be too much, where you currently live, you may find better value for money elsewhere.
Where do you want to live?
If you are looking to buy in Manchester, the average income you need is £36,200. As you would expect, there are more affordable options, and there are more expensive options. Significant cities like Liverpool and Glasgow provide opportunities for first-time buyers with lower income to step on to the property ladder, but there are many reasons why Manchester and Greater Manchester is more appealing than these options.
There is also the fact that Manchester is more affordable than other leading cities. The following information runs down some of the leading cities, and the average income required to buy a home, and you can see why Manchester is such an appealing option:
- London, where the average salary needed to buy a home is £84,000
- Cambridge, where an average income of £72,000 is required to buy a home
- Oxford, where £68,800 is the recommended average income necessary to buy a property
- Bournemouth, where the average salary needed to purchase property is £62,300
Bristol, Edinburgh, Portsmouth, Southampton, Cardiff and Leicester also sit above Manchester in the table of average income required to buy a home.
Manchester is a sensible option for first-time buyers
It may be you are already planning on buying a home in Manchester, and this information doesn’t change your opinion. However, if you are keen to step on to the property ladder and you are flexible in your options, you’ll see Manchester is an appealing city that offers far better value for money than many leading areas in the United Kingdom.
Whether you choose to live in Manchester, or you look just outside of the city, there are plenty of great options. We believe Stockport has everything a first-time buyer could want when they are looking for a property. The town offers a good quality of home-life while being well connected to major cities.With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html