The rising cost of living is making it more difficult for people to afford to buy a house, especially with house prices, rent and mortgage rates still at a high.
If you’re a first-time buyer looking to get on the property ladder, or a homeowner who is looking to move to a different part of Greater Manchester, it is a good to know how far your money goes from place to place.
A new study by property loan experts Buzz Capital has now revealed which parts of the region are the most affordable to buy a home. The study ranks each of the 10 boroughs based on the disparity between the average house price and the average annual salary in that area.
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Buzz Capital used property site Rightmove to identify the average cost of homes sold in each area in the last 12 months, and used data visualisation site Plumplot to identify the average salary in all boroughs.
Here is how much the average salary is said to be in each Greater Manchester borough, and what percentage of the average house price it represents in the same area, revealing the most to least affordable areas.
Wigan
Over the last year in Wigan, properties have sold for £165,808 on average. The average annual salary in the borough is said to be £33,900, which equates to 20.4 percent of the average house price, meaning you should get more for your money in Wigan.
Oldham
The average salary in Oldham has been calculated as £33,600. Over the last year, homes sold for £200,730 on average. This means that the stated average salary amounts to around 17.6 percent of the average house price.
Salford
Homes in Salford sold for an average of £227,025 over the last year. The average salary in the borough has been calculated at £38,000, which equals around 16.7 percent of the average property price.
Manchester
In Manchester, the average salary is £40,200 across the borough. With an average house price of £244,745 over the last year, the average salary equates to 16.4 percent of average cost of a home.
Bolton
People Bolton earn an average of around £31,500 a year. That amounts to 15.5 percent of the average house price, which was £203,406 over the last year.
Rochdale
The average salary in Rochdale is £30,600. Over the last year, the average house price in the borough was £200,730, making the average salary around 15.2 percent of the average house price.
Bury
People in Bury have an average salary of £32,600 a year. This is around 14.6 percent of the average property cost in the borough, which was £223,921 over the last year.
Tameside
Tameside has an average salary of £27,600 across the borough. Houses in the area sold for an average price of £206,657 over the last year, so the average salary equates to around 13.4 percent of the typical house price.
Stockport
Stockport‘s average salary is said to be £35,100 a year. This amounts to 12.4 percent of the average house price in the town, which was £283,144 over the last year.
Trafford
Trafford‘s average salary is calculated at £39,200. This equates to 10.8 percent of the average property price, with homes selling for £361,708 over the last 12 months, making Trafford least affordable.