Residential conveyancing news: House prices have dropped by up to

Posted 22/03/2011

Following the publication of new property price figures, it has been suggested that now could be an ideal time to use the services of a residential conveyancing solicitor and buy a house.

According to Zoopla, house prices have decreased by up to £45,000 since the onset of the credit crunch in 2007.

On average, the value of a home has fallen by 18 per cent, with a drop of 11 per cent in the past eight months alone.

Properties in the north-east of England were found to have registered the biggest fall in value, while London was the area most likely to have been resilient against the global economic downturn.

Zoopla spokesman Nick Leeming said: “The recent dip in prices and the notable variance between regions may have created some interesting buying opportunities.”

Earlier this month, the National Housing Federation found that the affordability gap between wages and house prices is widening in rural areas, making it difficult for first-time buyers to get a foot on the property ladder.