Wigan has been crowned Manchester’s most affordable borough, according to a new study by property experts Buzz Capital. The study, which ranked Manchester’s boroughs based on the disparity between average property prices and average annual salary, also revealed Stockport to be the least affordable borough.

In the last twelve months, houses in Wigan have sold for an average of £167 730. Employees in Wigan earn an average of £33 900 per year, which equates to 20.2% of the average property price. In Stockport, average annual salary only equates to 9% of the price of an average property.

According to Google Trends, searches relating to buying a house in Manchester have surged since Christmas Eve, increasing by 171%, perhaps prompted by a UK-wide decline in house prices and the exorbitant cost of renting. With this study, we hope to advise readers about the most affordable place to buy a new home.

Buying a house: Our top tips for first-time buyers

Before buying a property, you will need to save for a deposit. A deposit is typically around 5% of the cost of the home. If possible, we recommend saving more than 5%, as this will increase accessibility to a wider range of mortgages, many of which will have lower interest rates. When applying for a mortgage, act quickly. This will make your application more attractive to prospective sellers, as they often want to sell their property quickly.
Consider using a virtual mortgage broker. They are often more accessible, as mortgage services are oversaturated following the Covid-19 pandemic.
Don’t be afraid of negotiation, even if you are a first-time buyer. Purchasing property which requires renovation or refurbishment work can be a fantastic way to get a great deal. At Buzz Capital, we offer property development loans. Property development loans enable recipients to borrow up to a million pounds. Properties can then be remortgaged or sold at a higher price to repay the loan.
Make sure to ask questions, and thoroughly read any small print on contracts. Buying your first house can be overwhelming, so make use of knowledge from industry experts such as solicitors and mortgage brokers.
Prepare any documents, such as ID and proof of address in advance. Mortgage applications also require bank statements, pension plans and payslips. Thorough planning can speed up the buying process.

Methodology

We used the property site Rightmove to identify the average cost of housing in Manchester’s 10 boroughs.
We then used the data visualisation site Plumplot to identify the average wage in all 10 boroughs.
To determine the disparity between the average wage and the average cost of the property, we divided yearly earnings by house price and multiplied this by one hundred.