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Homeowners will soon be paying the biggest proportion of their income on mortgages since 2008, a think tank stated.
The typical home is now worth £259,153, an annual drop of around £14,600 compared to August last year, data from Nationwide shows.
Michael Bailey, director at Preston-based Michael Bailey Estate Agent: "As the Nationwide suggests, a lot depends on the resilience of the jobs
Recently inherited homes can often go for below the market rate
The Bank has pushed the base rate up to 5%, the highest it has been in nearly 15 years.