Property price falls make renting more appealing |
13 2007 |
| House prices in London continue to climb despite a slowdown in the property market in the rest of the UK - making renting more appealing for prospective home buyers, data has revealed. Latest figures published by the Royal Institution of Chartered Surveyors (Rics) show that house prices in England and Wales fell for the third consecutive month in October. Despite this London was the only region in which house prices are still rising, making rental a more affordable option for many thousands of people. "The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most UK regions," said Rics spokesman Ian Perry. Meanwhile, CML director general Michael Coogan said that the effect of higher interests rates are now starting to slow the housing market and put many first-time buyers (FTBs) off buying their own home. "The Bank of England's decision not to reduce rates earlier this month will have disappointed many borrowers," he said.  |
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