If you are keen to buy a new home in Greater Manchester, but are unsure where to begin, the first place to start is applying for a mortgage. You need to decide how much of a deposit you can afford to put down, as well as make sure you can cover other expenses.
These include everything from legal fees and home contents insurance to furnishing a property and any work that might need doing. If you’re happy you have the cash to cover all of this, the next step is to pick a mortgage.
It’s a good idea to use an independent financial adviser, as such an individual has access to the rates of most products on the market, saving you the legwork. In the majority of cases, you don’t even have to pay them any money, as they can claim commission from the financial service provider you choose to have a mortgage with.
According to a recent study by Halifax, between 2023 and 2024 there was a 12 per cent rise in the number of first-time buyers. Mortgage affordability has also become more favourable. During the third quarter of 2024, the typical proportion of disposable income put towards a mortgage stood at 27 per cent. In the second quarter of 2020, this figure stood at 50 per cent.
Greater Manchester is an affordable part of the UK, especially places like Oldham and Rochdale. While not in the city centre, towns such as this are well-connected by public transport, making commuting convenient. Indeed, the Halifax report noted that 55 per cent of first-time buyer homes bought last year were under the stamp duty threshold of £125,000.
Once you know you can get a home loan and have a good idea of how much your potential future home can be without making your monthly mortgage repayments unaffordable, the next step is to go house hunting.
Newbuild developments, such as those found by clicking here, are a popular option among first-time buyers in Greater Manchester for many reasons. Firstly, nothing needs to be done work-wise – unless lived in before, everything will be brand new, all of the rooms tend to be painted neutral and in some cases you can pick the type of bathrooms and kitchen you would like.
Secondly, they are covered by a ten-year National House-Building Council warranty that means should something structurally go wrong during this time – like a leaky roof – the construction company will repair it at no cost to you.
Of course, you might decide to go for an older property – such as those in the residential areas of Chorlton and Didsbury – but keep in mind you will need to pay surveyor fees so that the building can be investigated for any problems. Damp is a common issue with older houses, so if this crops up on a survey, you need to decide whether you ask the seller to fix it or drop the price accordingly to cover the costs.
You also need to make sure you get the best deals possible for home contents insurance, as well as utility bills. Newbuild properties are built to energy-efficiency standards so can be cheaper to heat than an older home that perhaps isn’t as well insulted.
Whichever type of house you choose, it’s well worth hunting down the cheapest gas and electricity quote. Paying monthly by direct debit can also ease you into the process of paying for bills you haven’t needed to before, as this way you know where your finances stand, rather than awaiting a hefty quarterly charge.
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