New research reveals Greater Manchester is one of the easiest places to buy your first home.

It’s tough out there for first-time buyers. House prices are through the roof and rent is going up faster than a rocket! But don’t despair – there are still some bright spots for those dreaming of owning their own place.

A new report by The Skipton Group has named Greater Manchester as one of the most affordable places in Britain for those looking to buy their first home.

20% of people in Greater Manchester can afford their first home

The report looked at house prices, rent costs, and average earnings across the UK to find out where it was easiest to get on the property ladder. And Greater Manchester came out shining!

The research found that a healthy 20% of people living in Greater Manchester could afford to buy their first home. That’s significantly higher than the national average – only 12% of Brits can afford to buy right now.

Greater Manchester beats national average

Since the start of 2020, buying a home in Greater Manchester has become even more affordable, while the rest of the UK has struggled.

However, while things are looking good in Greater Manchester, there are still challenges. The report found that 80% of potential first-time buyers in the area don’t have enough savings for a deposit.

Housing affordability crisis deepens

Sadly, the report highlighted the growing affordability crisis affecting the rest of the UK. The cost of living has squeezed people’s finances, making it even harder to save for a deposit. In fact, nearly 40% of renters are now forking out a whopping 45% or more of their income on rent and bills!

The report identified the West Midlands, London, and Wales as the most difficult areas in the UK for first-time buyers.