First-Time Buyer budgets climb in Manchester amidst battle to jump onto the housing ladder

The average First-Time Buyer budget has climbed by 6.5% in Manchester over the last 12 months alone, as more wannabe homeowners battle to get onto the housing ladder.

Provided by leading new homes property website, newhomesforsale.co.uk, this latest data has revealed that the average budget for First-Time Buyers in Manchester now stands at £258,225, being a 6.49% increase on the £242,495 budget recorded in Q1 2023.

The website, which lists eighteen new build developments located in and around Manchester, has also confirmed that First-Time Buyers have accumulated an average deposit of £27,357 being 10.59% of their target property purchase price.

Aside from exceeding the 10% deposit required by many mortgage lenders, this increase in budget enables First-Time Buyers in Manchester to purchase a property slightly below the average UK property price of £282,000.

Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk said: “It’s no secret that the housing market is proving more and more challenging for First Time Buyers, where they now have to battle against volatile mortgage rates without any form of support scheme, like the previous Help to Buy Government initiative.

However, this latest data shows that although it is taking longer to get onto the property ladder, with the average First Time Buyer now in their mid 30s, they are able to purchase a higher value home in a more desirable location – like Manchester – as a result, which will certainly benefit long-term.”

Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

For more information about New Build Homes in Manchester, visit: https://www.newhomesforsale.co.uk/new-homes/greater-manchester/manchester/