Take new research by PropertyFinder.com that suggests a year of falling house price has quickly closed the rungs at the bottom end of the property ladder more than anywhere else, enough to provide affordable opportunities for one-bedroom property owners to trade up into something bigger. A second bedroom now costs, on average, an extra £31,000, compared to £41,500 just a year ago. A further £58,500 (compared to £66,000) will add a third bedroom. Good news for growing families? Perhaps, if they managed to buy a decade ago and have let the equity in their current properties grow untouched (or they’re that rare breed of growing family with giant reserves of cash in the bank).
Our publisher asks whether anybody can profit from improved affordability in the housing market, in his weekly column, for Citywire.
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