Flats to rent 'may appeal' as Brits struggle to climb housing ladder
New figures reveal it is still difficult for Brits to move up the property ladder, which could see them look at flats to rent in the London borough of Newham instead.
Statistics from Halifax show that the average price of a detached property in the UK is 63 per cent higher than the cost of an average house.
Similarly, the gap between the most and least expensive dwellings has increased to 98 per cent in 2010 from 71 per cent in 2007.
This means it is harder for people to move up the property ladder and they may wish to think about renting accommodation instead.
Housing economist at Halifax Suren Thiru said: "The changing pattern of homes bought over the past decade highlights some significant socio-economic forces."
Meanwhile, the July House Price Index from the Land Registry revealed properties in England and Wales are an average of 6.7 per cent more expensive than they were last year, costing £166,798.
Posted by Andy Britten
Published 1st September, 2010
© 2010 Estates IT Limited
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It is getting harder for people living in the UK to climb the housing ladder, according to one organisation.