House Prices Fall Across The Country This Autumn
The asking prices of homes put up for sale in September have fallen for the first time since 2010, new data has revealed.
According to Rightmove, the average newly-listed property asking price dipped by 0.2 per cent in the month of September. This is despite September usually marking the start of the autumn bounce in housing market activity.
However, for those looking to purchase a new home, it could be the ideal moment to snap up a great deal. With many properties priced lower than usual and sellers’ expectations less optimistic, home buyers are being presented with a good opportunity to purchase a home for cheaper, across the country and especially in the capital where Brexit uncertainty is particularly strong.
Buyers may also find themselves in a stronger negotiating position to get a favourable deal.
I'm a first-time buyer. Where should I buy a property?
There are a number of ‘affordability hotspots’ across the country right now, such as Blackpool. In Blackpool, the average property price is £110,000, compared to the average FTB household income in the North West of £40,053, meaning 100 per cent of properties in the area are deemed affordable to new homeowners.
Other affordability hotspots include Lincoln and Hull, where 100% of properties are considered affordable to FTBs, as well as Wigan and Oldham near Manchester, where around 80-90% of properties are affordable.
More advice for first-time buyers
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Content correct at time of publication.