Buyer caution boosts London rental sector |
07 2008 |
| Those professionals looking to buy a property in London and the south-east will be better of renting for the time being as affordability issues show no sign of going away, new figures suggest. Research recently carried out by the Centre for Economics and Business Research (CEBR) found that properties in the top 20 per cent price bracket for the UK increased in value by 0.3 per cent last month. Given that a majority of homes in the capital and the surrounding region fall into this group, those living here will continue to have a hard time getting a foot on the property ladder. According to the estate agency firm Chesterton, annual growth in the UK property sector has been hampered by the global credit crunch but still stands at 5.6 per cent. The company's sales and lettings director for north London, Richard Davies, noted: "As the impact of the credit crunch feeds through to the property market, we are noticing buyers are becoming more cautious," while fellow property observers have also reported a rise in demand for rental accommodation in all regions.  |
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