Recent statistics from the Office for National Statistics (ONS) show that the price of the average house in the North West is now £168,000. The average salary in the region is £24,986 which means that the salary to house price ratio in the North West is 6.72. This has led to claims that home ownership may end up being a dream for many first time buyers.
The figures from the ONS also show an increase of £27,000 in house prices from May 2009, when the average property price in the North West was £141,000.
Mike Hanson, Chief Executive of local mortgage lender Vernon Building Society commented: “With the disparity between property prices and salaries growing in the region first time buyers face a challenge. Many are unable to take their first step onto the property ladder without help from family members, an option which isn’t available for some. We try to help by providing 95% mortgages, allowing guarantors and providing innovative products such as our Family Assist mortgage, however until the gap between salaries and house prices narrows many would-be property owners will remain in rented property or living with their parents.”
The Stockport based building society offers a wide range of mortgages some of which include special incentives for those living locally.
Mortgage advisers are available for appointments in any of the Vernon’s seven branches in the Stockport area. For more information visit www.thevernon.co.uk