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Property ladder climb cheaper

Property ladder climb cheaper

Category: Mortgages

Updated: 16/01/2009
First Published: 16/01/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Falling house prices has made it easier for people on the lower rungs of the property ladder to take the next step up.

According to propertyfinder.com, just an extra £31,000 is now needed to trade up from a one bedroom house to a two bed, compared with £41,500 last year. This is because the value of two bedroom homes has fallen faster than any other homes.

Trading up from a two bed home to a three has also become more affordable, with the average price of a third bedroom now standing at £58,436, compared with £66,264 a year ago.

"Young families at the bottom end of the ladder will now find it easier in cash terms to trade up than they have for quite some time, and as mortgage availability eases towards the second half of 2009, more people will be able to take advantage of a market which now offers good value," said Nicholas Leeming, director of propertyfinder.com.

"People are coming to terms with economic gloom and realising that life goes on. Some people still need to move, particularly those who need more space for growing families - and this is actually the perfect time for them to trade up."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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