If you’re a first time buyer looking to purchase your first home in Manchester; you’re not alone! A recent report by Countrywide, has suggested that Manchester is ‘a city for first time buyers’ and that, outside of London, a higher proportion of lending goes to first time buyers than anywhere else in the country, with more than a third meeting this criteria. As Manchester mortgage brokers, in addition to having launched offices in Liverpool, Bristol, Leeds, London and Birmingham, our head office remains up North and, as such, this report caught our attention. To us, it simply backs up that Manchester is arguably the best city in the UK to live in and it’s clear that first-time buyers think that way too. As such, we wanted to look at some of the findings in a little more depth, starting with Countrywide’s great area infographic:
50% Of Mortgage Lending In Manchester Goes To First Time Buyers
The report revealed that a staggering 50% of mortgage lending in the Manchester area is going to first time buyers and that once you take cash buyers into account, this equates to 35% of all houses. Of course, the fact that we’ve started to see the housing market recover in recent years has only helped matters and with the current rock bottom mortgage rates, we could well expect to see this figure rise even further over the coming 12 months.
Where In Manchester Are They Buying
When you look at the percentages of mortgages awarded to first time buyers in Manchester, it’s easy to see where the property hot spots in the area are, with, as you’d expect, Salford Quays and Fallowfield high up the list:
It certainly looks to be the postcodes which surround the city centre which are most popular with first time buyers, with a far lower percentage opting to buy in the more affluent areas of South Manchester, with those purchasing in Sale, Didsbury and Chorlton putting down, on average, a lager deposit and paying around £157,000. In comparison, the majority of first time buyers are spending in the region of £117,000.
One thing is for certain and that is that Manchester is a property hot spot for first time buyers. With a fantastic offering of career choices in the city alongside great nightlife, shopping, transport links and general ‘reputation,’ it’s easy to see why and, in our opinion, it’s not something which is going to change any time soon, especially with a wealth of new builds in areas such as Salford and the continuation of the Help to Buy scheme into the next few years.