Home improvement: Property is too expensive

Equine insurance: Horse owner fined for neglecting animal Home improvement could be the way forward, rather than buying a new property.People considering moving to a new home have been told that property is too expensive at the moment, which could see more people investing in bathroom quotes.

Paul Holmes, chief executive of Firstrung, said that the price is proving to be a massive obstacle for those wanting to move into a new abode.

"The average price of a property in the UK is circa £160,000. The average median wage in the UK is £25,000. By normal measurement, [which is] 3.5 per cent of salary, the average price of a property in this country should be £90,000 and not £160,000. So until that is addressed, if we have a huge economic crash, or a huge crash in property values, nothing will change," he added.

Mr Holmes' words came after research by Trinity Financial Group found that growing student debts will reduce the mortgages available, which lead to more people opting for home improvement in their current property.

Posted by Tim Lloyd
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Article Added: 22/10/2010 09:05:17

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