An estate agent says the borough remains an "achievable" place to buy a home as house prices remain high across the country.
Figures from the Office for National Statistics (ONS) show full-time employees in Bury could expect to spend 7.3 times their annual earnings on purchasing a home in 2023 – close to the ratio of 7.8 the year before.
The data shows residents in Bury spent less of their annual earnings on a home last year than the average buyer in England, where a house cost 8.3 times the average wage.
In England, the average home sold for £290,000 in the 12 months to September, while the average full-time wage was £35,100.
Houses in Bury were two per cent more expensive in 2023 than the year before, at an average price of £225,000. In the meantime, wages saw a 9.4 per cent year-to-year increase.
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Andrew Cardwell, managing director of Cardwells Estate Agents, says the figures show Bury remains a relatively more affordable place to buy a home than neighbouring boroughs.
He said: “The details published by the ONS are interesting.
"The cost ratio of 7.3 times annual earnings to purchase a property in Bury is less than a number of our neighbouring towns, and is 1.0 times less than the national average ratio.
“In fact, in comparison to figures in 2022, this ratio has fallen by 0.5 in Bury.
“This may suggest that although times are hard, and it can be a struggle to purchase a property in Bury, in comparison to other parts of our country, a purchase is perhaps just a little bit more affordable and hopefully achievable for those who wish to buy.”
The data shows that homebuyers in Bury can expect to pay a higher proportion of their wages on a new home in comparison to nearby Bolton, in which those in full-time work could expect to spend six times their annual salary.
However, Trafford was revealed to be the worst for housing affordability in the North West, as buyers could expect to spend 10 times their annual salary on purchasing a home.
Mr Cardwell added that some of the cost burden of purchasing a home was softened by the help of a double income.
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He added: “ It has to be remembered that in a significant number of property purchases in Bury, two or more people purchase a property together, and that of course makes a property purchase more affordable, and lessons the impact of these ratios.
“Certainly in the majority of properties that we sell in Bury there are more than one buyer.
"As we progress through 2024 it is hoped that the Bank of England will start to lower interest rates, which will in turn then reduce the cost of borrowing for a mortgage and hopefully make a property purchase in Bury even more affordable for many people.”
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