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Cheaper homes in the north 'appealing to first-time buyers'
03/05/2007
Soaring property prices in the south of England, particularly in London, means that first-time buyers are increasingly attracted to the great northern cities, Buy Association has said.
Manchester and Leeds are similar to London in that they offer good job opportunities but are much cheaper when it comes to house prices, according to property editor Kate Hamilton.
A new house price survey from the Land Registry reveals that the average London house price is £323,511, compared with the England and Wales average of £178,423.
However, in the north-west the average house price is £135,874, dropping to £124,204 in Greater Manchester.
Ms Hamilton went on to say that a growing number of first-time buyers are purchasing homes in the north and then letting them out to tenants to make some extra cash.
"That way they're on the property ladder, they just don't happen to be on the property ladder in the area where they live themselves," she concluded.
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© Adfero Ltd
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