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Real Estate News Releases
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(EMAILWIRE.COM, January 27, 2009 ) UK - Finally some good news – the falling house prices in the UK have helped to close the gap at the lower end of the property ladder, which could spell positive news for owners of one bedroom properties who wish to upgrade to a two bed…
Now is the time to buy, especially if you want to move onto the second rung of the UK property ladder and trade in your one bed for a two bed.
Property upgrades are currently far cheaper for those at the lower end of the market, as the value of two-bedroom homes has fallen faster than any other, by as much as 12 per cent in some cases.
A recent online survey by propertyfinder.com has revealed that the current climate has meant it is now the easiest time in the last five years to make such a move.
Instead of needing to save up an extra £41,500 to get your hands on a two bed property, as was the case a year ago; in today’s market buyers only need to find an extra £31,000.
These figures mean that the financial step to the next rung has fallen by 26 per cent, which could make all the difference in being able to afford that bigger home.
The research has also shown that it has become cheaper to trade up from a two-bed home to a three bed, with the average price of a third bedroom falling 12 per cent from £66,264 in 2007 to £58,436 in December 2008.
Jonathan Turpin, Chief Executive at Moveme.com said, “With property prices falling faster at the bottom end of the market, this year will provide an ideal time for second time movers and those at the lower end of the ladder, to trade up.
“Many of these buyers will now be able to secure a larger home, which 12 months ago may have been out of their price range.
“While the lack of available mortgage finance remains a sticking point, many of those who bought pre-2007 may also benefit from preferential mortgage rates, as they should be able to put down a deposit from the sale of their current property,” added Mr Turpin.
Nicholas Leeming, Director of propertyfinder.com said, “The real catalyst for house price falls has been a lack of mortgage availability, particularly for less credit-worthy borrowers.
“This means the bottom end of the market has been more impacted by the slow down and prices there have fallen more rapidly.
“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 frees up towards the second half of 2009, more people will be able to take advantage of a market which now offers good value.
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,” added Mr Leeming.
In terms of UK properties falling prices, the opposite was the case last year - the top end of the market fared far better than the lower end with price falls of 10 and 17 per cent respectively, says Knight Frank.
For more information on UK properties and the market in general, please visit http://www.themovechannel.co.uk/
-ENDS-
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
Dan Johnson
Managing Director
www.themovechannel.co.uk
0207 952 7650
TheMoveChannel.com
Jon Moore
020 7952 7658
j.moore@themovechannel.com 
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