Now is time to buy, says expert

The level of affordability in the UK housing market at present is the best it has been for years, it has been claimed.

Chairman of online change of address service iammoving.com Simon Preston suggested that now could be very opportune for those hoping to catch the bottom of the market and see the value of their property rise.

He stated: "I would think that if you want to buy residential property for reasonable capital gain, then [buying] something in the next 12 months makes sense."

Mr Preston noted that the cost of money is now down to "an all-time low" in practical terms, something he suggested will help increase the number of transactions.

Recent figures from Halifax suggested that affordability has reached its most favourable level for seven years.

The bank noted that monthly mortgage payments for a new borrower in the first quarter of 2009 were 31 per cent of the average salary, compared with 48 per cent in the third quarter of 2007.