UK Money News
1st February 2008
Manchester is 'a good bet for first time buyers'
First time buyers have been advised to consider Manchester as the location for their first home.
According to Tom Rogers, residential investment consultant with Savills, Manchester is a "vibrant" city with "a lot to offer" in terms of leisure and entertainment.
Yet, because it has not experienced the same house price inflation seen in London property is "fairly priced" and remains affordable to first time buyers, he claims.
This is born out, Mr Rogers said, by the fact that "first-time buyers can get a mortgage for around £100,000 to live in the city centre …you wouldn't get that in London"
Meanwhile, the existence of shared equity schemes aimed at helping first time buyers mean that the prospects of securing a home are even greater, he said, drawing particular attention to "a development called the Hub in Piccadilly where you can buy 80 to 85 per cent of the property but you don't have to buy any rent on the remaining share".
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