Manchester 'affordable' for first-time buyers

06-Feb-2008

First-time buyers are still in with a good chance of securing a property in Manchester, an estate agent has said.

Whereas many buyers in London are finding themselves pushed out of the market due to unaffordable prices, estate agent chain Savills has said that first-time buyers can get a mortgage for around £100,000.

Savills spokesman Tom Rogers noted that a one bedroom apartment is still affordable in the city centre which would be comparatively out of reach to first-time buyers in the capital.

Commenting on city centre living, he said: "Manchester is quite a condensed city centre really so anything in the city centre is accessible for wherever you live"

Salford City Council has recently announced the building of 2,500 new homes on Exchange Greengate, near Manchester Cathedral.

Manchester and Salford are to share a new public square and a bridge over the River Irwell, says the report.

In related news, the buy-to-let boom has increased the cost of a mortgage by some £14,000, reports the Guardian.

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