Further price drops make London renting a better bet |
29 2008 |
| People looking for a new property in the capital may well opt to rent for the time being after a leading estate agent confirmed that house prices have fallen for the fourth month in a row. According to new statistics released by London-based Knight Frank, average prices across the city fell by 1.3 per cent in August. Added to the fact that property prices suffered reversals of 1.5 per cent, 1.7 per cent and 1.6 per cent in May, June, July respectively, the news is likely to serve as justification for the growing number of people choosing to rent rather than buy in a declining market and run the risk of negative equity. Head of residential research at the firm, Liam Bailey, even revealed that sectors of the market previously untouched by the credit crunch are now being hit. "Over the past few months, we have noted 'super-prime' properties worth more than £10m have proved immune from the downward trends elsewhere," he said. "There are now signs that the gap between this sector and the rest of the market is growing."  |
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