Some house buyers are considering smaller properties and longer-term mortgages as affordability is squeezed, according to two surveys.
A quarter of mortgage holders aged under 30 who started their loan early this year chose a 35-year term, credit reference agency Experian said.
That is an increase from 10% in January 2020, it said.
That is an increase from 10% in January 2020, it said.
Property prices have been pushed down as buyers face mortgage rates higher than they might have hoped, or planned, for.
The average UK house price of £257,808 in September was around £14,500 lower than in the same month a year earlier.
Robert Gardner, Nationwide’s chief economist, said: “There are signs that more buyers are looking towards smaller, less expensive properties, with transaction volumes for flats holding up better than other property types.
“This may be because affordability for flats has held up relatively better as they experienced less of a price increase over the pandemic period.”
Some house buyers are considering smaller properties and longer-term mortgages as affordability is squeezed, according to two surveys.
That is an increase from 10% in January 2020, it said.
A quarter of mortgage holders aged under 30 who started their loan early this year chose a 35-year term, credit reference agency Experian said.
Property prices have been pushed down as buyers face mortgage rates higher than they might have hoped, or planned, for.
That is an increase from 10% in January 2020, it said.
That is an increase from 10% in January 2020, it said.
Property prices have been pushed down as buyers face mortgage rates higher than they might have hoped, or planned, for.
The average UK house price of £257,808 in September was around £14,500 lower than in the same month a year earlier.
Robert Gardner, Nationwide’s chief economist, said: “There are signs that more buyers are looking towards smaller, less expensive properties, with transaction volumes for flats holding up better than other property types.
“This may be because affordability for flats has held up relatively better as they experienced less of a price increase over the pandemic period.”
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