Why is margate property so cheap

This is going to be more of an issue for landlords than homeowners. And of those furloughed homeowners who do unfortunately get made redundant later in the year, looking at the last four most recent house price crashes, buyers were wrestling with significant declines in mortgage affordability.

For example, back in , average mortgage rates were Well, with low-interest rates, this means Margate homes are still relatively affordable. In , the house price to earnings ratio was 5. However, it doesn't matter what the house price to earnings ratio is In , In the s that percentage dropped yet rose steadily over the next decade and a half, so by the time we got to , that was an equally eye-watering figure of Today, it's only So, if the issue is not the affordability of houses, what is the problem for Margate homeowners?

Bank of England interest rates will affect what people pay on their mortgage higher interest rates normally mean higher mortgage payments. Interest rates are used to reduce inflation, so if inflation rises, interest rates also rise to bring inflation back under control. The figures, however, also indicate that this trend may only prevail in the short term, as although the total value of property sold in the town come in at just under Rmillion in , this figure escalated to Rmillion in Property sales also appear to be performing well of late as the stats confirm that there have been 80 transfers in Margate in the last three months.

Once again, it seems that prices are on the rise, with the average price paid for a sectional title unit coming in at R while the average price paid for a freehold property is R Get the best of Private Property's latest news and advice delivered straight to your inbox each week. Found this content useful? Related Articles Online property search. The online space provides immense property opportunities.

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