Property prices in focus

Posted: 08 May 2009 11:30:00 GMT

Property prices should be brought down to a more affordable level, according to a national campaign for housing costs.

The group, PricedOut.org.uk, has suggested that the price of a home should be around four times the average salary in the UK.

Katy John, spokesperson for the group, indicated that buying a home has become "an unattainable dream for most young people" over the course of the last ten years.

Commenting further, she said: "We would like to see house prices gradually re-adjusting to this affordable level over time.

"At this stage, we will see more first-time buyers genuinely thinking about purchasing again."

Nationwide Building Society's latest house price index revealed that the average cost of a property in the country dropped 0.4 per cent in April.

Many observers felt that the previous month's rise of 0.9 per cent was a sign that property prices had bottomed out.


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