My latest research shows that certain categories of Ashford property are more affordable today than before the 2008 credit crunch.
Roll the clock back to 2007 – before the credit crunch saw Ashford property values plummet. The Ashford property market had reached a peak with Ashford property prices hitting the highest levels they had ever reached. Between 2008 and 2010, Ashford property values lay in the doldrums and only started to rise in 2011, albeit quite slowly to begin with.
Nevertheless, even though Ashford’s property values have now surpassed those 2007 peaks, my research indicates that Ashford property, especially flats and apartments, are now more affordable than they were before the 2008 credit crunch.
Back in 2007, the average value of an Ashford apartment was £134,529 and today, it stands at £157,133, a rise of £22,604 or 16.8%.
However, between 2007 and today, we have experienced inflation (as measured by the Government’s Consumer Price Index) of 25.97% meaning that in real terms Ashford apartments are 9.2% more affordable than in 2007.
Looking at it another way, if the average Ashford apartment had risen in line with inflation over those 10 years, it would now be worth £169,466 instead of the current £157,133!