Posted on 9.9.15
With property prices increasing, in part due to a notorious lack of available housing, we dived into the statistics surrounding the property sector in the Greater Manchester region to find out more.
According to the Office of National Statistics (ONS), house prices are up 4% in Greater Manchester with the average house price now sitting around £164,000 in the region as a whole. This increase follows a continued and noticeable rise since 2010 when house prices were approximately 20% less than they are in today’s market.
These higher property prices we are seeing are making it more difficult for first time buyers (FTBs) to take that all important big first step onto the ladder.
Buyers in the North West do have it easier than other regions of the country, which have seen much larger spikes in property prices. For example, the East of England has seen a 9% increase and the South East just short of an 8% rise, according to the ONS.
Greater Manchester property landscape has changed…
We looked into every major town in Greater Manchester to see where FTBs are buying their homes, which is visually shown in our brand new infographic. The headline figure is that Salford & Salford Quays has emerged victorious with the highest overall percentage of FTBs, accounting for a whopping 66% of purchases in the area closely followed by our very own Stockport, where 52% of house buys have been by FTBs.
Conversely, the two areas with the lowest percentage of FTBs are Sale and Altrincham, accounting for just 28% and 31% respectively, potentially due to higher house prices seen in these areas situated within the Trafford Borough, which tends to attract the more mature, seasoned buyers.
City Centre loses its favour with First Time Buyers…
Perhaps what is most surprising, is the relatively low percentage of FTBs choosing the City Centre of Manchester as their first choice, with just 35% of house sales being attributable to first-timers. The buzz of the city may attract the trendy first-time market but with the premium property prices and limited space, could Manchester City Centre be a purely rental location? Properties within central locations are very popular with buy to let investors who may have a few properties under their wings and in turn, these higher prices get pushed onto renters who now pay an average of £1,282 in Manchester.
How to get on the property ladder?
The government have, and will be, introducing a few different ways to help FTBs as we have discussed previously here. However, it is still a strenuous process for FTBs to get into the market.
When purchasing a property, you will need an expert conveyancer to fulfil all the legal obligations of a property move. At Gorvins, we understand the difficulties and want to help FTBs as much as we can through our specialist knowledge, excellent customer service and an exclusive 25% discount of all legal fees just for first time buyers.
For more information please see our dedicated page gorvins.com/first-time-buyer for the unique code, give us a call on 0161 930 5117 or fill in our online contact form and we will give you a call back.