Taking your first step on the housing ladder in Bolton? Here at Zoopla, we have data that you might find useful.
It looks at average house prices across the UK by postcode and then estimates how much a first-timer would need to earn and have as a deposit to buy there.
We've summarised this information in the map below to help you choose your ideal location. It shows what income you would need to buy a two- to three-bedroom property in various postcode areas in Bolton – in short the greener, the better.
(Click on map for larger version)
Quick pointers for first time buyers in Bolton:
The average first time buyer property (a two- or three-bedroom house) in Bolton costs £129,219 with the average deposit required standing at £17,005 and the average income required from a first time buyer household of £28,053.
The most affordable area can be found to the south of the town in BL3, which contains Little Lever, Great Lever, Darcy Lever and Deane. Here the average first time buyer property costs £99,179, requiring a deposit of £13,052 and a household income of £21,532.
As the map above shows, there’s no shortage of affordable options in the surrounding area, with property in Farnworth, Kearsley, Atherton and leigh also worth investigating for first time buyers.
BL6 is home to Bolton Wanderers, the town's football club, who play in the Bolton Stadium in the football league. A first time buyer home in this area costs £140,565 on average.
Bolton’s most expensive postcode is BL7, which includes Belmont, Bromley Cross, Chapeltown, Edgworth and Egerton. Here prospective buyers would need to earn £40,924, with the average home costing £188,505.
| Postcode | Area | Average house price | Average deposit required | Average household income required |
|---|---|---|---|---|
| BL3 | Bolton, Little Lever, Great Lever, Darcy Lever, Deane | £99,179 | £13,052 | £21,532 |
| BL4 | Bolton, Farnworth, Kearsley | £101,947 | £13,416 | £22,133 |
| BL1 | Bolton, Smithills, Halliwell, Heaton | £105,623 | £13,900 | £22,931 |
| BL2 | Bolton, Ainsworth, Bradley Fold, Bradshaw, Breightmet, Harwood, Tonge Fold, Tonge Moor | £127,916 | £16,834 | £27,771 |
| BL6 | Bolton, Blackrod, Horwich, Lostock, Rivington | £140,565 | £18,498 | £30,517 |
| BL5 | Bolton, Over Hulton, Westhoughton | £140,799 | £18,529 | £30,567 |
| BL7 | Bolton, Belmont, Bromley Cross, Chapeltown, Edgworth, Egerton, Turton | £188,505 | £24,807 | £40,924 |
How have we calculated it?
We've looked at the average price of two- and three-bedroom homes – the most common type of property purchase for first time buyers in Bolton.
We've then taken the average mortgage advance from the typical mortgage lender in the region and worked out the average deposit and salary required for the loan (based on four times' salary).
How can I afford a home as a first time buyer?
Building as big a deposit as possible is the first step. This allows you to borrow a lower percentage of the value of the property and access better mortgage rates.
Aim for a minimum 10% deposit. It is possible to put down less in some cases, but this means a less favourable mortgage rate and higher monthly repayments.
If you are struggling to raise a deposit, check out the Government's Help to Buy equity loan where it will lend you up to 20% of the purchase price interest-free for the first five years. You could also look at a shared ownership scheme where you purchase a percentage of the property and pay affordable rent on the remainder.
Provided your credit file is in good order and your monthly outgoings do not limit your ability to repay a mortgage, banks and building societies will lend up to around four times your salary.
If you are buying as a couple, then combining your incomes will mean you can borrow more.
To find the best deal for you it's worth speaking to an independent mortgage advisor for mortgage advice. Some charge a fixed fee and some will work on commission. You can also get an instant online quote by using a comparison website that will have a range of deals from different mortgage providers.
Don’t forget that, when buying a home, there will be other fees such as those for a licensed conveyancer and moving costs. There shouldn't be any hidden fees, but always make sure you understand where extra costs could spring from. For example, is there an monthly maintenance charge? Will you have pay for a parking permit?
The good news is that stamp duty land tax is waived for first time buyers on the first £300,000 of the purchase.
For more help purchasing your first home, read our first time buyers' guides.
First time buyer affordability in the UK
If you're prepared to cast your search further afield still, then our first time buyer affordability map of the UK (below) might help you find more affordable alternatives.
But remember that, while the UK map might prove a helpful overview, in practice, UK property markets operate on a hyper-local level.
This means that researching cities down to even a street-by-street level will give you the best chance of getting the best value property.
Full methodology: House prices taken from a subset of Zoopla-partner Hometrack's stock valuation database (one-to-two beds for London and two-to-three bedrooms for rest of UK). Median price calculated as of June 2018. Median advance taken by region (c75% for London, c85% outside of London) from UK Finance. Term of Mortgage: 25 years. Interest rate: 2.00%. Loan to income ratio: 4.0. Earnings required for affordability is greater of those required to satisfy loan-to-income threshold or income required to service the mortgage.