Property prices have dropped to a ten-year low, while wages have increased, making now a good time to buy.
A July survey by the property website Rightmove.com has reported a one per cent drop in property prices, putting annual house price inflation at 0.2 per cent, the lowest level in ten years.
The drop was the biggest fall since November 2004, and came after two months of small rises in property prices.
During the same period wages have increased to a level that means property is now four per cent more affordable than it was 12 months ago.
With house prices low and an anticipated interest rate cut, property buyers will have a real opportunity this summer, before prices traditionally firm up with the onset of autumn.
Miles Shipside, commercial director of Rightmove said: "The willingness of sellers to ask for lower prices, without being forced by unemployment or financial distress, is a significant step towards returning to a normal market."
He believes this will avoid a property price crash as was seen in the 1990s. To read more about property, click here.
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