Are you looking to buy a property in Greater Manchester? Have you tried to crunch the numbers and just don’t know where to start?
Well, help might be at hand. A new study has revealed just how affordable property is to buy in different parts of the region.
The report, which looked at median wages across local authorities in England and Wales in relation to average house prices, has found that Wigan is the most affordable area, where the average house price of £93,308 is 3.6 times the average wage of £25,707.
Oldham is also at the more affordable end, with homes costing 3.7 times the average salary.
The area found to be least affordable was Trafford, where, on average, houses cost £194,164, which is 6.3 times the average wage of £30,768. In Stockport, prices were as much as 5.4 times people’s average earnings.
The city centre itself is comparatively more affordable, with property prices at 4 times the average salary—here, the average home is £98,569, against a median wage of £24,600.
The study also looked at the nation more widely and found that the least affordable borough in the country is Kensington and Chelsea in London, where house prices stand at a massive 29.4 times the average person’s earnings of £45,625, at £1.34 million.
So where should you go if you want a bargain? Look to Wales, where homes in Merthyr Tydfil cost a slimline £62,244 on average—only 2.9 times the average salary of £21,374.
According to the Financial Conduct Authority, loans are considered to be high when they are more than 3.5 times the average earnings of a single applicant, or over 2.75 times the average income for joint applications. So the biggest hurdle you may need to jump over when looking for a property is getting accepted for a mortgage in the first place. With this in mind, it’s always wise to take advice from a mortgage advisor prior to considering a purchase.
At Julie Twist Properties, we offer an in-house mortgage advice service to our customers. Why not Contact Us today to find out more?
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