Friday, May 2, 2008

A first-time buyer now needs £25,000 on average to buy a property

Halifax survey shows house values dropping £500 a week

Halifax, the country's largest mortgage lender, said that the average home price has fallen by £8,136 since the start of the year to hit £189,027. The decline in value equates to a fall of £479 a week. It is the third major survey this week to confirm that after months of falling prices, houses are – for the first time in 12 years – worth less than they were worth a year ago.

Posted by malct @ 01:44 PM (375 views)
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One thought on “A first-time buyer now needs £25,000 on average to buy a property

  • Can someone confirm that these figures are adjusted for property type, by which I mean are they adjusted so they do not simply reflect that a higher number of cheaper houses are being sold than the number of expensive properties.

    The reason I ask is that I have noticed that in my area the number of small houses and flats on sale has rocketed in recent months, whereas big houses are largely absent from the estate agent windows. Could this be reflected in the data?

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