House prices in the city continued to decline in the first quarter of 2009 with the average property costing £191,144 and the annual salary needed to buy a one bedroom flat falling by over £10,000.
In the last quarter of 2008 the average property cost £235,944 but despite the fall, the average property price is still considerably higher than the UK average of £154,716.
A first time buyer’s one-bed flat cost £150,700 at the end of March 2009 and would have required a salary of just over £41,730 to purchase assuming a 10% deposit and a mortgage of 3.25 x salary. In the same quarter in 2008 the salary required stood at £52,015
The rental value of a two bed flat declined to £909/cm in the first quarter of 2009 compared to £941 in the last quarter of 2008.
Click here to download 2009 Q1 house price summary
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3 September 2010