Rental demand remains high as house prices rise again |
09 2008 |
| The number of Britons opting to rent a property rather than trying to buy looks set to remain high as a new study has shown that house prices across the UK rose again in December. While prospective first-time buyers were given some encouragement towards the end of 2007 as the market growth slowed down, according to the latest figures from Halifax, average house prices rose by 1.3 per cent last month, thereby adding to the affordability crisis facing millions. This brought annual growth across the market to 5.2 per cent over 2007, the lender confirmed. The publication of the figures comes soon after the Council of Mortgage Lenders reported that the number of mortgages being approved fell by just over ten per cent in November in comparison to the previous year as more professionals are priced out of the property market and into the rental sector. At present, the average cost of a UK home stands at £197,039.  |
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