15 Sep

Easiest to trade up "for some time"

Easiest to trade up "for some time"

In terms of affordability, it is easier to trade up now than it has been for some time, one property expert has asserted.

Robert Pritchard, director at property consultancy Smiths Gore, said that the benefit of buying a rural property for retirement in a weaker market is that consumers can get better value for money.

His comments follow the release of research by Halifax, which revealed that the price difference between the average rural and urban property increased from 15 per cent to 21 per cent in the past 12 months.

Nevertheless, for first-time buyers, Mr Pritchard advised: "In order to get a foothold on the housing market, it is probably easier to go to an urban town."

He added that this is indicative of the argument that people cannot afford to live in the place where they grew up.

This news comes after the Land Registry House Price Index recently reported that property prices in July increased by 1.7 per cent to £155,885.
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