Good news for the housing market
Posted on March 09th 2009
Housing prices have fallen by another 2.3 last month. Halifax released a report stating that the average home costs 4.42 times the average salary, which has come down compared to July 2007. The average salary for a man is currently £36,242.
A house valued at £200,000 could be purchased at £160,327, which is more affordable in the current economical climate. The fall in prices was briefly on the up when we saw a 1.9 percent rise in housing prices in January.
Halifax housing economist believes that all though prices are low there are signs of the market stabilising. House prices will go up. Halifax’s report shows that even though housing prices are low many people are unable to snap them up, as higher mortgage deposits are required and fewer companies are offering mortgages.
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