North-east price drop to help aspiring homeowners

12-Jan-2006

The price of properties in Durham has fallen by two per cent over the last year, making the north-east one of the most affordable regions in which to live.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley, click here

Figures released by Nationwide showed that houses in the north of the UK experienced a drop in price of around £2,500 during 2005, bringing the cost of the average property to £118,357.

This is compared to the national average of £158,745, which is a significant difference for first time buyers who are looking to raise a deposit and afford the monthly repayments.

If you are interested in buying a new house within a 'gifted deposit' scheme whereby you don't need to come up with a deposit but just pay a nominal fee of £5000 click here

Average mortgage payments for homeowners in the north-east were found to account for just 38 per cent of pay packets, helping more people to get on the first rung of the property ladder.

"House prices in the northern region fell by 2.1 per cent in 2005, compared to an average increase of 3.2 per cent in the UK as a whole," added Fionnuala Earley, Nationwide's group economist.

Sedgefield was found to have the cheapest properties on the market, while properties in Tyne and Wear and Cumbria actually saw an increase in prices as more aspiring homeowners came to the area and pushed up demand.

To find out more about creative mortgages designed specifically for first time buyers click here

Click here to see what properties are on the market in your area – whether you buy alone or with others

If you want to post your comments on today's news in the FirstRung Forum click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar