The Greater Manchester area is “one of the cheapest for first-time buyers in England”

Bolton has been named as one of the most affordable places in England for first-time buyers.

The results were calculated by analyzing house prices, average annual wages and monthly take-home wages.

The figures, released by online mortgage broker Mojo Mortgages, come as the government launches the First Homes program.

The program is designed to help first-time buyers and key workers access the real estate ladder.

Early residential properties will receive a discount of at least 30% of the original market value to allow for more affordable deposits and mortgages, with prices capped at a maximum of £ 250,000.

READ MORE: ‘In 20 years I’ve never seen anything like it’: Estate agent says he made £ 1million in sales ONE WEEK in booming Manchester property market

Based on the average monthly mortgage payment as a percentage of income, Bolton was the 12th most affordable place in England for first-time buyers, with the average monthly mortgage payment representing 20.53% of a couple’s take-home pay.

The result is based on an average property price in the city of £ 207,918 and an average annual salary of £ 26,892.

Bradford tops the list ahead of Blackpool and Stoke-on-Trent.

• Bradford (14.30pc)

• Blackpool (15.94 pieces)

• Stoke-on-Trent (17.35 pieces)

• Sunderland (17.56 pieces)

• Middlesbrough (17.70 pieces)

• shell (17.72 pieces)

• Carlisle (17.82 pieces)

• Durham (18.10 pieces)

• Liverpool (18.56 pieces)

• Bolt (19.19 pieces)

Oxford has proven to be the least affordable for first-time buyers, with average mortgage payments accounting for 49.37% of average take-home pay.

Bath and London followed closely, highlighting the difficulty of gaining access to the property ladder in these areas.

The ten least affordable areas in England based on mortgage as a percentage of income were:

• Oxford (49.37 pieces)

• Bath (47.65 pieces)

• London (47.12 pieces)

• Reading (38.98 pieces)

• Poole (38.72 pieces)

• Cambridge (38.49 pieces)

• Brighton (37.19 pieces)

• Quagmire (36.68 pieces)

• Cheltenham (36.38 pieces)

• Exeter (35.03 pieces)

Nisha Vaidya, Mortgage Expert at money.co.uk, said: “A home is one of the most important purchases you will make and it can be difficult to figure out how much you can afford. Many factors, like your salary, regular expenses, and debt-to-income ratio, will affect whether a home is within your reach.

“A good rule of thumb is not to allocate more than 35 pc of your gross income to your monthly mortgage payments. Any more than that and you could become “poor at home” where you own a house but run out of money to do other important things like save money or go on vacation. “

Cassie Stephenson, Director of Mortgages at Mojo Mortgages, added, “Of course it’s important to remember that the 30pc and above discount will apply throughout the life of the property and will apply. when you finally sell a First Homes property for the first time. is always a great value to consider, regardless of location, as an option for first-time buyers looking to step up the property ladder.

“The savings available – including allowing first-time buyers to access higher LTV mortgages through reduced deposits – could also mean better access to lower interest rates and better overall savings throughout the year. over the life of a mortgage. Plus, of course, buying a home is an important long-term investment in your financial future, rather than lining the pockets of a homeowner.

“We are excited to see how this new program will develop over the next few months as new properties and developments continue to emerge across England. “