2008 may be a 'double-edged sword' for renters and buyers |
11 2007 |
| Despite the Bank of England recently announcing a cut in the base rate of interest, experts have warned that it's still too early to see what 2008 will bring for prospective first-time buyers, with renting likely to remain the best option for many for some time yet. New figures released by the Halifax show that house prices fell by 1.1 per cent in November. However, in annual terms, prices are now 6.3 per cent higher than in 2006, meaning those looking to eventually buy a property now have reason to be both simultaneously optimistic and cautious. Commenting on what 2008 will bring for renters and buyers alike, Sue Anderson, head of external affairs at the Council of Mortgage Lenders said: "It will be a while before we can really tell." "We will have to wait and see the extent to whether the first time buyers materialise and we will not really be able to tell that for a few months yet, until we see the way in which the market reacts over the post-Christmas period." Just last month the Association of Residential Letting Agents (Arla) revealed that demand for rental accommodation has soared over recent months as property prices continue to be high.  |
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