First-time buyers in Manchester face paying costs of £33,243 to get on the housing ladder in a city where average house prices have risen by 52 percent since 2009.
Now the Halifax is to host a series of FTB events in Manchester, aiming to demystify the process of home buying.
The Halifax analysed data on house prices in the city to reveal that the current average price is £207,932, up by 52 percent in a decade. The average house price across the north-west is up by 34 percent, compared to 48 percent across the UK.
FTBs looking to get on the property ladder in Manchester will pay an average £180,026 and need a deposit of £33,243 – in 2009, the requited deposit was £24,371.
Meanwhile, the average age of a FTB has stayed at 30 over the last decade, while across the north-west the average age of a FTB has risen from 28 to 31.
In 2018, almost 1,900 FTBs got a mortgage from the Halifax to own their first home.
Nick Burrows, Halifax area director for Manchester, said: “Over the next two months, we want to demonstrate the support we currently provide and can provide to the people of Manchester.
“Whether it’s your first or next home, Halifax can make the process easier and less stressful.
“A series of first-time buyer events will run across the city, helping thousands of people in Manchester navigate the mortgage minefield that can be daunting to those taking their first steps.”
The events, held in branches around the city, will offer expert support to FTBs getting ready to make their first move.