Residential property prices have reduced in relative terms over the past three years and are now more affordable, according to new data. |
Halifax's survey of house price changes between 2007 and 2010 indicates a widespread fall in the cost of abodes, suggesting residential sales are within the grasp of a greater proportion of the population.
The lower prices mean Britons with £150,000 to spend would now be able to buy a semi-detached dwelling in half of the nation's largest cities, while those with a budget of up to £250,000 can now afford residential property of all types in 50% of these urban centres.
Individuals considering getting into investment property will find they have less for their money in London, as this is the only metropolis where the average cost of all kinds of dwellings is still above £250,000, suggesting residential mortgages will therefore also be more expensive.
Martin Ellis, housing economist at the building society, commented: "The higher performance of the housing market in southern England over the last three years reflects the stronger economic performance of this part of the country compared with the rest of the UK."
And residential property could become even less expensive in the coming months, as the expert added: "Looking forward nationally, we expect limited movement in house prices overall this year but with the risks on the downside."
Over the three-year period in question, just six per cent of towns surveyed recorded an increase in house prices, though Mr Ellis points out those who bought their residence at least five years ago will probably still have "a healthy level of equity" locked up in it.
Sales of recently built residential property have been depressed by economic uncertainty, according to Smart New Homes, which claims Britons are reluctant to part with their money due to worries over issues such as job security and rising interest rates.
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