Due to the significant rise in house prices, homes in South Manchester’s suburbs such as Chorlton, Didsbury, Fallowfield and Withington have become unaffordable for first-time buyers. That’s according to local councillor John Leech, who warns the problem looks set to only get worse.
He explains: “In areas such as Fallowfield, Old Moat and Withington, there is a large number of students renting accommodation. Meanwhile, landlords are purchasing many properties in these areas and, often, renting them out in unacceptable conditions only because they know young families as well as students have no other choice.
“As a result, those wishing to get on the property ladder will struggle to do so as the areas that were once affordable are bought up by these professional buy-to-let landlords.”
His comments follow the publication of official government data which revealed the average house price in parts of Greater Manchester had risen to almost nine times the average salary.
In Trafford, for example, house prices are 8.9 times more than the annual salary while in Stockport, it’s seven times more. Overall in Manchester, the ratio of property price to salary rose from 4.9 in 2014 to 5.1 in 2015.
It’s an indication it isn’t just in London and the south east where many are feeling squeezed out of the property market. It’s a problem that could be spreading to other parts of the UK, such as South Manchester.