Property prices 'becoming more affordable'

by Christopher Evans

If you are trying to sell your own house, you may be pleased to learn that although the average value of a house is coming down, this may mean that it will sell quicker.

According to advisors at Firstrung, property will become more attractive to first time buyers as it becomes "more in line with affordability and their expectations".

However, Paul Holmes, chief executive officer of Firstrung warned that although more people may be able to afford the current house prices, they must consider other things.

He urged people to "principally look at the security of their job before applying for a mortgage".

According to the Land Registry House Pricing Index, published at the end of October, the average price of a house in the UK is now £168,814.

Furthermore, the Council of Mortgage Lenders revealed that many people are choosing to live in student-style shared accommodation to save money, which could be good news for landlords.

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Published on: November 24, 2008

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