Why aren't we buying?
According to Resulution Foundation Report the number of homeowners in Greater Manchester has dropped from 72% April 2003 to just 58% this year.
So why is this? Well according to Rightmove it may have something to do with the cost of properties and our living wage, as the average North West salary is £25,584 and the average cost of buying a terraced home is £138,946, a semi detached £188,096 and the average price for a three bedroom property is £165,320. Seemingly it very well maybe just that, people are stugglng to get motgages due to low wages in comparison with how much it costs to buy a house. Are we being priced out of our own market?
Some would also say no, society as a whole is changing, there is less pressure to buy, people are making different lifestyle choices, waiting longer to get married and start a family, could this be having an affect on our ownershop of property?
Whatever the reason is and im sure everuyone has an opinion...we dont really know, the only thiong we do know is that buying is out and renting is in...for now.