Most first time buyers in Manchester are putting down between 5% and 10% of the property price, depending on their circumstances and the mortgage deal available to them.

House Prices in Manchester

Property prices in Manchester outline what first time buyers need to save.

According to the latest figures from the Office for National Statistics, the average property price in Manchester stood at around £254,000 as of January 2026, reflecting steady growth across the city and the wider North West.

This level of pricing means most first time buyers in Manchester are working towards a deposit between 5% and 10%, which typically ranges from approximately £12,700 to £25,400.

While entry points can vary depending on the type of property and location, deposit expectations tend to remain broadly similar across Greater Manchester, whether you are looking in the city centre or the surrounding areas.

Average Deposit Amount

On a property priced around £254,000, this typically means a deposit ranging from roughly £12,700 to £25,400.

A 5% deposit is often the minimum required, especially for those using schemes such as the Mortgage Guarantee Scheme, though options at this level can come with higher interest rates.

Many first time buyers aim for 10% where possible, as this can open up a wider choice of lenders and more competitive deals.

The exact amount will vary based on income, affordability, and whether any additional support is available.

Some first time buyers rely solely on personal savings, while others boost their deposit with a gifted deposit from family or grandparents, helping them meet lender criteria more comfortably

Average Loan to Value (LTV)

Loan-to-value (LTV) is the percentage of the property price that’s covered by your mortgage.

The rest is made up by your deposit. So, if you’re buying a £238,000 property and putting down a £23,800 deposit, you’d be borrowing £214,200, giving you a 90% loan-to-value.

Most first time buyers we help in Manchester tend to fall between 85% and 95% LTV.

This usually depends on how much they’ve been able to save and whether any family support, such as a gifted deposit, is involved.

Mortgages at 95% LTV are still widely available for those with steady income and a good credit profile, while 90% or 85% LTV options may come with better rates if you’ve managed to build a larger deposit.

The lower your LTV, the more mortgage products are likely to be available.

Even a small increase in your deposit can sometimes improve the deals you’re eligible for, especially when it nudges you into a lower LTV bracket.

How much can I borrow?

Along with your deposit, lenders will look at how much you can borrow by assessing your income, monthly outgoings, and credit history.

Each lender uses their own affordability model, so the amount you’re offered can vary, especially if you’re self-employed in Manchester, working multiple jobs, or earning extra through commission or bonuses.

As a mortgage broker in Manchester, we work with a broad range of lenders, each with their own approach to affordability and income assessment.

If you’re planning to buy your first home in Manchester, speaking to a mortgage advisor can give you an idea of what’s possible based on your circumstances.

Date Last Edited: April 14, 2026