The rise in house prices is a topic that hasn’t gone under the radar, but for those looking to get on the property ladder, where in Greater Manchester is the most affordable to buy? A recent study by property loan experts Buzz Capital analysed all of the Greater Manchester boroughs to find out which is the cheapest (and the most expensive) borough to buy in the region and the results may not be that surprising…
The study by Buzz Capital, which ranked Manchester’s boroughs based on the disparity between average property prices and average annual salary, crowned the Greater Manchester borough of Wigan as the cheapest to buy property. Last year, Buzz Capital conducted a similar study, in which Wigan ranked as the most affordable borough and Stockport ranked as the least.
Over the last year in Wigan, properties in the Greater Manchester borough have sold for an average of £165,808. The study found that the average annual salary in Wigan, meanwhile, is £33,900, which equates to 20.4% of the average property price.
As for the least affordable borough in Greater Manchester, Stockport was knocked off from the top spot as the most expensive area to buy in the region by Trafford. The average house price over the last year in Trafford was £361,708, with the average salary being £39,200 and equating to 10.8% of average house price.
The property loan company used the data visualisation site Plumplot to identify the average wage in all ten boroughs. In terms of average salary per year, the borough of Tameside has the lowest at £27,600 and the City of Manchester has the highest at £40,200.
All the Greater Manchester boroughs ranked from most affordable to least affordable to buy
- Wigan – Average salary: £33,900, average house price over the last year: £165,808, average salary equates to 20.4% of average house price
- Oldham – Average salary: £33,600, average house price over the last year: £191,386, average salary equates to 17.6% of average house price
- Salford – Average salary: £38,000, average house price over the last year: £227,025, average salary equates to 16.7% of average house price
- City of Manchester – Average salary: £40,200, average house price over the last year: £244,745, average salary equates to 16.4% of average house price
- Bolton – Average salary: £31,500, average house price over the last year: £203,406, average salary equates to 15.5% of average house price
- Rochdale – Average salary: £30,600, average house price over the last year: £200,730, average salary equates to 15.2% of average house price
- Bury – Average salary: £32,600, average house price over the last year: £223,921, average salary equates to 14.6% of average house price
- Tameside – Average salary: £27,600, average house price over the last year: £206,657, average salary equates to 13.4% of average house price
- Stockport – Average salary: £35,100, average house price over the last year: £283,144, average salary equates to 12.4% of average house price
- Trafford – Average salary: £39,200, average house price over the last year: £361,708, average salary equates to 10.8% of average house price