According to recent reports, many young people in the UK are struggling to afford a deposit to put down on a property. Instead, they are being forced into rented homes and are consequently unable to take their first steps on the residential conveyancing process.
However, one US city has been having the opposite problem and property prices have hit an astonishing low as the area struggles in a terrible recession.
Detroit was once the fifth biggest city in Northern America and was renowned for its booming car manufacturing industry, but the city’s population, which was 1.8 million 50 years ago, has now shrunk to an estimated 700,000.
Abandoned properties are being put on the market for as little as $500, and a buyer would be able to purchase a boarded up, three-bedroom detached bungalow for just $3,000.
These homes seem especially affordable when compared to properties in America’s most expensive city, San Francisco. The average cost per square foot of property in Detroit is $62.45, whereas the same amount of property in San Francisco averages at $420.99.
The shocking variations in price mean that renters in San Francisco may be able to purchase a house in Detroit for the same cost as a month’s rent.
If you are buying a home and searching for a conveyancing solicitor in London or elsewhere in the UK, a solicitor from Healys may be able to help you.