It is no secret that it is becoming increasingly difficult for first-time buyers to get a foot on the property ladder. Data recently released by Yorkshire Building Society said deposits for first homes now costs six times the average income of £35,724.
In the 1970s, however, deposits only cost around 2.69 times the typical UK salary of the time. As a result, the amount which people need to borrow for their first home has risen dramatically.
Yorkshire Building Society's director of mortgages Ben Merrit said: “Achieving homeownership isn’t easy. We know that house price growth means people are having to borrow much more than their incomes to get on the property ladder, and for some it’s now, sadly, completely out of reach.” READ MORE: 'Harsh reality' warning issued to renters whilst UK house price growth 'steadies' If you are looking to buy your first home in the near feature in Greater Manchester, it's a good idea to familiarise yourself with the latest house prices, as well as the average 15 percent deposit and income needed in each of the region's 10 boroughs.
Here we look at how much first-time buyers now need to earn and save to buy a home across Greater Manchester using the latest data provided by Zoopla.
Read more on manchestereveningnews.co.uk
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