According to the recent figures available, an increasing number of prospective property buyers in the United Kingdom are considering purchasing a new home because of the dip in property prices.
As suggested by the data, in the United Kingdom, the cost of new-build homes fell by 2.1% in the month of January. This takes the annual decline rate down to 13.1%, which is the largest ever-recorded annual price fall.
To counter the economic downturn and falling property prices, most developers are now marketing and offering new homes at prices that have been the most affordable ever seen for over three years in the United Kingdom.
Additionally, based on figures released last week by the Council of Mortgage Lenders, lending has almost fallen to an 8 year low.
However, the drop in property prices is not bad news for everyone. Northern Ireland’s social housing tenants who want to live in the few mixed areas have something to cheer for by the decline in property prices.
More than 90% of Northern Ireland’s public housing remains segregated after the Good Friday agreement, some 11 years back. The houses or estates are marked out as either Protestant or Catholic by murals and flags.
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