84% of local properties are affordable for first-time buyers

The average property locally is now £132,500 and a first-time buyer household will earn a combined £40,053

Research by Post Office Money has shown that 84% of properties sold across Rochdale are in areas affordable for first-time buyers. The research, based on analysis of Office for National Statistics (ONS) data found Rochdale is the sixth most affordable region in the north west, and the third highest in Greater Manchester.

The percentage has been calculated based on the median house price for the area and the average household income of first time buyers.

In the last year house prices have continued to grow steadily in the north west, increasing by 3% on average. In the borough of Rochdale the average property price is £132,500 and a first-time buyer household will earn a combined £40,053. 

Prospective first-time buyers can currently find properties as low as £65,000 in areas of Rochdale.

Blackpool has been named as Britain’s most affordable town for first-time buyers where 100% of properties have been labelled as affordable for first time buyers.

First-time buyers who had the foresight to buy in Stockport last year will have seen the largest return on investment in the region, as house prices have jumped by 10% in the last year. Despite this, 31% of the city is still affordable for first-time buyers. Only Trafford has no affordable areas for first-time buyers in Greater Manchester. 

The percentage of each town or city that is affordable to first time buyers was calculated on the proportion of median house prices lower than 4.5 times the average income of first-time buyers in each region.

Property price data sourced from the ONS House Price Statistics for Small Areas, quarterly statistics from the Registers of Scotland and the Northern Ireland Residential Property Price Index. Data on first time buyers’ salaries in each region sourced from the ONS House Price Index.