Home prices in the UK are beginning to fall. This is not an indication of a bad housing market, but rather the market adjusting itself. Historically, first time home buyers in the UK have had a difficult time managing the down payment and purchasing their first home. With prices dropping a bit, hopefully this will help allow them to enter the market slightly more easily. Kingston-upon-Thames topped the list with the greatest price drop averaging £78,625.
Key Takeaways:
- The asking price of UK homes has dropped by a considerable figure. That represents a significant trend in the world of UK real estate as well.
- First time buyers have often been forced to think of new ways of buying property. One in four first time buyers took five to ten years to save up enough.
- That house deposit is often a critical factor that will need to be considered. Buyers have to think about the important details that it will represent.
“First-time buyers have been forced to consider new ways of getting onto the property ladder in recent years, with nearly one in four of them say it took them between five and ten years to save up enough for a house deposit.”