Property prices continue to fall |
21 2008 |
| The asking price for a UK property fell by 4.9 per cent over the year to October 2008, it has been reported. Despite figures showing a rise in asking prices of one per cent on a month-to-month comparison, the actual fall in prices comes as a further incentive for first-time buyers to rent property rather than buy. The continuing falls in house prices make for a bleak outlook considering the high cost of borrowing at present. "The unparalleled events of the past few months will have long-term consequences for the UK housing market, which is unlikely to ever be the same again," a Reuters report quoted property website Rightmove as saying. Many would-be first-time buyers may now look to the rental market for affordable accommodation, as well as the chance to move into a home without the need for a massive financial commitment.  |
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