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News - 9 April 2008
|Housing gets cheaper as it enters a bear market|
Housing Costs Update 2007. Q4
The salary needed to buy a 1 bedroom flat in the city fell by just under £1000 during the last quarter of 2007 reflecting reducing house price inflation and interest rates.
Assuming a 5% deposit and a mortgage of 3.25 times average earnings it would require a salary of £52,481 (down from £53,399 in quarter 3) to purchase an average 1 bedroom flat costing £179,542 (down from £182,681 in quarter 3).
For the latest report from the City Council’s Housing Strategy unit click on the link below.
Housing Update Quarter 4 2007
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