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How much first-time buyers now need to earn and save to buy a house in every Greater Manchester area
11.08.2023 - 06:01 / manchestereveningnews.co.uk
Buying your first home is a goal for many people, but the cost of living crisis is making it increasingly hard for people to get on the property ladder. Not only is the cost of buying a house itself extremely high, but saving for a deposit and earning a good enough wage to secure a mortgage is also difficult.
First-time buyers today face an even bigger challenge wit interest rates now at a 15-year high which is causing mortgage rates to soar. This comes after the Bank of England raised the base rate to 5.25 percent this month in a bid to bring inflation down.
Before you start house-hunting, it is a good idea to find out how much you might need to earn and save to be able to get onto the ladder. Using up-to-date figures from Zoopla, we look at the average salary and deposit needed to buy a home in each of the region's 10 boroughs.
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Those looking to buy their first house in Bolton will need to earn a salary of around £31,750 to get on the property ladder.
Based on the current average house price of £168,100, first-time buyers would need to save up around £25,215 for a 15 per cent deposit.
In Bury, first-time buyers need a much larger income of £40,580 a year to buy a property in the borough.
They would need to put down a 15 percent deposit of £32,220 to secure a house based on the average property costing £214,800.
First-time buyers wanting to purchase their first property in Manchester can expect to pay around £206,000 for the average home.
This would require a salary of £38,910 and they would need to save up around £30,900 for a 15 per cent deposit.
Those looking to snap up their first home in Oldham need to earn an
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