With just about everything rising in price at the moment it is no surprise that house prices reached an all-time high earlier this week. The average price of a home in the UK has now surpassed £350,000 for the first time, according to Rightmove.
In what has been a ‘seller’s market’ for quite some time now, this increased figure is great news for homeowners who are planning to sell up this year. But on the other hand, it puts additional pressure on house hunters looking to buy, particularly first-time buyers who are trying to secure their first home.
Those looking to get on the property ladder are now facing a much bigger chance of being priced out of the market, as homes become even more affordable and you are likely to get much less value for money.
READ MORE: First-time buyer guide to buying a home – from timescales to the hidden costs involved
House prices continue to fluctuate across Greater Manchester, with some parts of the region more reasonably priced to live in than others. Here we compare what the UK’s average house price of £350,000 can buy you across each of the region’s 10 boroughs by looking at properties for sale on Rightmove.
Over the last year, homes in Bolton sold for an average of £200,000 – meaning £350,000 will stretch pretty far here. A quick glance on the market shows a dozen three to four bed detached and semi-detached homes currently on the market, including this property in Westhoughton.
Perhaps the best value for money you can get in Bolton at the moment is this detached home in which has four bedrooms, two bathrooms and a generously sized garden.
The family home has plenty of space across several rooms with an entrance hallway, lounge, dining room, fitted kitchen and study on the ground floor. On the first floor are four bedrooms, one master with an en-suite, as well as a family bathroom.
The property benefits from having a large driveway to the front with space for several cars as well as a rear landscaped garden with lots of potential and room to extend the home.
In Bury, where the average price of a property is slightly higher at £231,000, you can buy a semi-detached home in Prestwich for £350,000. This three-bed home that is currently up for sale is within the Sedgley Park area.
On the ground floor, the recently refurbished home has a large hallway, an open plan kitchen dining area with French doors to the garden, and a separate lounge.
Upstairs there are three bedrooms, including the master with a bay window and a family bathroom. There is a small garden to the front and a bigger garden to the rear.
Homes in Manchester sold for an average of £249,000 over the last year, the closest price so far to the UK’s average house price. Currently there are a few properties on the market priced at £350,000 which range from apartments in the city center to detached and semi-detached homes on the outskirts.
One of the properties currently up for sale is this two-bed apartment in Deansgate. Located on the 8th floor of No.1 Deansgate, it has been refurbished by its current owner and benefits from a prime location near to the city’s best shops, bars and restaurants.
Inside the apartment there is an entrance hall leading to an open plan kitchen and living room, a master bedroom that has an en-suite, a second double room and a bathroom. It also benefits from a balcony with views over Deansgate that can be accessed from both bedrooms.
Oldham is one of the most affordable areas of Greater Manchester with an average house price of £176,000 over the last year. For £350,000 house hunters are most likely to get a generously-sized detached home, like this one in Chadderton.
This five-bed home has plenty of space for a growing family, with the opportunity to extend the house to the rear if required. Currently the home has a large living room, modern dining area, a conservatory and a utility room on the ground floor.
On the first floor there are five bedrooms, five which are doubles, and one large family bathroom. The property has a garage to the front and garden with various patio areas that wraps around the corner plot.
The standard price you would pay for a home in Rochdale is £188,000, therefore you would expect to get good value for money when buying a property for £350,000.
One of the homes on the market currently is this semi-detached house in Thornham. Said to be located in one of the area’s ‘most prestigious’ positions, this large, bay-fronted home has plenty of space and the potential to add a lot of value to it.
The spacious family home has an entrance hall, lounge, sitting room, fitted kitchen, rear porch, three good sized bedrooms, a bathroom, and a separate WC. The home is full of period features from when it was first built.
Outside, there are large gardens to the front and rear, plus a driveway with enough space for numerous cars. The back garden has both a patio and lawn area.
In Salford, where the average price of a home is £218,000, there are only terraced homes and apartments currently on the market for £350,000.
This terraced home has five bedrooms but lacks in general space in comparison to some of the other properties at this price across the region.
On the ground floor of the home there is an entrance hall, small kitchen dining area and five bedrooms. The property has a rear garden and is labeled as a great opportunity for an investor.
Stockport is one of the least affordable areas of Greater Manchester, with an average house price of £282,000. One of the properties up for sale for £350,000 is a terraced house in Heaton Chapel.
The period home is listed as ‘deceptively spacious’ and spans three floors. On the ground floor there is an entrance hall, living room, dining room and kitchen.
On the first floor are two bedrooms and one bathroom, with the biggest bedroom spanning 17 feet with a skylight window on the top floor. There is also a lower ground basement offering storage space.
Outside there is an enclosed courtyard to the rear providing ample space for al-fresco dining.
In Tameside, the average home sells for around £196,000. There are a variety of detached and semi-detached homes currently on the market across the borough.
This detached home in the town of Mossley has many features that make it a great family home. Downstairs is a hallway, living room, dining room, fitted kitchen and downstairs toilet. On the first floor are three double bedrooms, one with an en-suite, a single bedroom and a family bathroom.
The home also benefits from a garage and a good-sized rear garden which features a raised decking area accessed via steps at the end of the garden.
In Trafford, with its affluent areas of Altrincham and Hale, you’re much less likely to find a home for £350,000 that is as good value for money than in other boroughs. The average price of a home in Trafford is actually much higher than the UK’s average house price, with homes selling for around £381,000.
Therefore it’s no surprise that the most common type of home on the market for this price is a terraced home. This particular period terrace in Altrincham has just two bedrooms, but boasts a great location just a short walk away from Altrincham town centre.
On the ground floor there is an entrance hall, open plan lounge and dining area, extended kitchen with skylight windows and a basement on the lower ground floor providing additional storage. Upstairs are two double bedrooms and a bathroom.
Outside to the front the home has a garden and there is a paved courtyard to the rear.
The cheapest area to live in Greater Manchester is currently Wigan, with an average house price of £168,000. Therefore, in comparison to Trafford, you are much likely to get a better value for money when buying a home for £350.00.
For example, this four-bed detached home in the town of Atherton is currently on the market with plenty of space and a gorgeous landscaped garden. On the ground floor is an entrance hallway which provides access into a bay fronted sitting room.
A gorgeous modern kitchen is at the back of the house with French doors which open into the garden – which has been beautifully designed to create an entertaining space with various water falls, a pizza oven, BBQ station and an elevated snug with a log burning stove .
Upstairs there are four bedrooms and a modern bathroom. The master bedroom boasts a vaulted ceiling and an en-suite shower room. The home also has a front gardens and an internal garage.
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George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.