Credit: Bury Times
Housing Affordability in Bury: A Closer Look
Cardwells Estate Agents underscores the attainability of homeownership in Bury amidst soaring house prices nationwide. Office for National Statistics (ONS) data reveals that while full-time employees in Bury can expect to spend 7.3 times their annual earnings on a home in 2023, this figure remains comparatively lower than the national average and neighbouring boroughs. Andrew Cardwell, Managing Director of Cardwells Estate Agents, interprets the ONS findings as indicative of Bury’s relatively affordable housing market. He notes a slight decrease in the cost ratio from the previous year, suggesting that despite economic challenges, purchasing a home in Bury remains within reach for prospective buyers. Cardwell acknowledges the significance of double income households in alleviating the financial burden of homeownership. With a significant number of property purchases in Bury involving multiple buyers, the impact of housing affordability ratios is softened, making homeownership more feasible for many.
Cardwells Estate Agents Highlights Bury’s Relative Affordability in the Housing Market
Looking ahead, Cardwell remains optimistic about the potential for increased affordability in Bury. He anticipates that potential interest rate reductions by the Bank of England in 2024 could further ease the cost of borrowing for mortgages, thereby enhancing the affordability of property purchases in Bury. According to ONS data, while housing affordability in Bury compares favorably to neighbouring towns like Bolton, where the cost ratio stands at six times annual earnings, Trafford emerges as the least affordable borough in the North West, with a ratio of 10 times annual salary for homebuyers. In summary, Cardwells Estate Agents emphasises Bury’s position as a relatively affordable housing market, offering hope to aspiring homeowners amidst broader economic challenges. As efforts to enhance affordability continue, the prospect of purchasing a home in Bury remains promising for many prospective buyers.
