Over the past year, buying a home in Manchester has become more affordable for many residents, according to recent data released by Halifax. The average house price-to-earnings ratio has decreased slightly, now standing at 6.55 compared to 6.62 last year. This positive shift in affordability is primarily due to wage growth outpacing house price inflation. The average house price-to-earnings ratio has been steadily decreasing since its peak of 7.24 in the summer of 2022.
Despite the overall increase in UK house prices by 3.8 percent, with an average of £292,508, there are still affordable options available in certain neighborhoods in Manchester. For those looking to live near Manchester City Centre but are deterred by the high prices, there are several areas in the city region where property prices start as low as £150,000.
Utilizing data from the Office for National Statistics, Online Marketing Surgery and Cardinal Steels have identified the top 10 most affordable neighborhoods in Manchester based on their average house prices. The cheapest areas include Harpurhey South and Monsall, with an average house price of £151,000, followed by Harpurhey North at £155,000. Beswick, Eastlands & Openshaw, Newton Heath, Abbey Hey, Longsight East, Higher Blackley, Rusholme East, Crumpsall North & Heaton Park, and Openshaw & Gorton North are also among the top 10 most affordable neighborhoods, with property prices ranging from £155,000 to £168,000.
These neighborhoods offer an excellent opportunity for first-time buyers or those looking for more affordable housing options in Manchester. With property prices starting at £150,000, residents can find a suitable home within their budget while still enjoying the benefits of living in or near the city center. Investing in these affordable neighborhoods not only provides a more accessible entry point into the property market but also offers the potential for future growth and appreciation in value. Consider exploring these 10 affordable neighborhoods in Manchester for your next property investment or home purchase.
