Trafford has been identified as the least affordable borough in the North West for purchasing a home, according to recent analysis from Lloyds. The average buyer in the Greater Manchester borough faces a price of £358,854, making it the most expensive location for prospective homeowners across the region.
Rental costs in Trafford and Greater Manchester
Renting in Trafford also remains costly, with the borough ranking as the second most expensive place for a one-bedroom rental in Greater Manchester. Figures from the Office for National Statistics, covering the period up to August 2026, put the average monthly rent for a one-bedroom property in Trafford at £944.
Manchester itself is the only more expensive area for renters in Greater Manchester, where the average one-bedroom home now costs £1,003 per month. These figures also make Manchester the most expensive place to rent outside the south of England.
Salford follows as the next most expensive borough for renters in Greater Manchester, with an average one-bedroom rent of £888, while Stockport comes next at £812 per month, according to the Office for National Statistics.
National affordability trends
Despite high prices in the region, Lloyds' analysis indicates that the average UK home costs around 7.3 times average earnings, the lowest price-to-earnings ratio since 2015. The bank reported that wage growth has outpaced house price increases over the past year, narrowing the affordability gap for many buyers.
Lloyds said this suggests housing affordability has reached its most favourable level in over a decade when comparing average home prices with wages. However, the bank noted that mortgage rate rises continue to increase mortgage costs for many.
Andrew Asaam, mortgages director at Lloyds, said: "There are some encouraging signs for people looking to buy a home. Wages have continued to rise while house prices have remained relatively stable, helping to narrow the gap between earnings and house prices."
He added: "However, affordability remains stretched for many households. Mortgage rates are higher than they were a year ago and saving for a deposit continues to be one of the biggest barriers facing first-time buyers."
Government scheme and outlook
The findings follow the Government's announcement of the Your First Home initiative, designed to help first-time buyers get onto the property ladder. The scheme will allow prospective buyers to purchase a new-build property with a 2.5% deposit, with the Government lending an additional 20% towards the cost.
Further details of the scheme are expected in the upcoming Budget, to be delivered by Chancellor John Healey on October 28. Developers are also expected to make a contribution when signing up to the scheme to help cover costs.
Mr Asaam said: "For first-time buyers in particular, a small shift in location could make a big difference, not just in getting on the ladder, but in what kind of property is within reach." He noted that many parts of Scotland and northern England continue to offer some of the best value relative to local earnings, which can make a meaningful difference for buyers with flexibility over where they live.
