With house prices continuing to soar and the cost of living crisis worsening, it is becoming much more difficult for people to buy their first home. With the average house price in the UK at an all-time high, first-time buyers now need to save up a much bigger sum to get their foot onto the property ladder.
Before you begin your house hunting search, it is a good idea to know what average deposit is needed to buy a home – which often fluctuates depending on where you choose to live.
Taking into account the average house price and salary, Zoopla has calculated the deposit first-time buyers would need to save to purchase a home in each of Greater Manchester’s 10 boroughs.
READ MORE: The house hunting tip that can help you save £22,000 on your next home
Although in some instances you can put a 5 percent deposit down, the average deposit for a first-time buyer is the UK is around 15 per cent of the purchase price, with the rest being borrowed via a mortgage. This data is therefore based on putting down a 15 per cent deposit.
Bolton
Bolton is one of Greater Manchester’s cheaper areas to buy a home, with the average house for a first-time buyer costing around £140,000.
Those looking to get on the property ladder will need to save up for a deposit of around £21,000 to buy a home in the borough, with an average household income of £26,444.
Bury
According to Zoopla, the average house price in the Bury borough is £175,000. This means that based on a 15 per cent deposit, first-time buyers would need to save up at around £26,250 to buy their first home.
Buyers would also need an average income of £33,056 to get on the property ladder in this area.
Manchester
First-time buyers looking to buy a home in Manchester would need an average deposit of £27,000.
House prices in this borough are slightly more expensive with an average cost of £180,000, so you would need to earn around £34,000 to purchase your first property here.
Oldham
Oldham is on the more affordable end of the region’s property market, with the average cost of a home around £150,000.
First-time buyers wanting to live in this borough would need a 15 per cent deposit of £22,500 and a household income of £28,333.
Rochdale
Buyers looking to purchase their first home in Rochdale can expect similar prices to Oldham, as the average cost of a home here is also £150,000 meaning you’ll also need a deposit of around £22,500 to live here.
Salford
House prices in Salford are slightly here, with an average cost of £180,000 for first-time buyers.
House hunters looking to buy in this borough should save up for a deposit of around £27,000 with a household income of £34,000.
Stockport
First-time buyers who want to live in Stockport will be looking at much higher prices.
The average house price in this borough is £225,000, meaning you’ll need a 15% deposit of around £33,750 and an average of £42,500 a year.
Tameside
House hunters in Tameside will need to save up for a deposit of £25,000 to live in the borough.
This is based on an average house price of £170,000 and a salary of £32,111.
Trafford
Trafford is Greater Manchester’s most expensive borough to live, with an average house price of £240,000 according to Zoopla.
First-time buyers wanting to live here are looking at a £36,000 deposit and will need to earn around £45,333 per year.
Wigan
On the other end of the region’s property market, Wigan is the cheapest borough to live.
First-time buyers will need to save up the least amount to buy a house in this area, as the average deposit is £21,000 and the average house price is £140,000.
The salary needed is also much less, with house hunters needing to earn £26,444 a year to get on the property ladder.
Zoopla’s house price data is based on a 4.5 Loan to Income Ratio and 15% deposit.
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