Rental demand still high as house prices remain strong |
25 2008 |
| Prospective first-time buyers holding out for a massive house-price crash are likely to be disappointed as new statistics show that the average price of a UK home increased slightly over March. The news will mean the high demand for rental property all across the country will remain high, with growing numbers of professionals opting to rent rather than struggle to put down a deposit. According to the latest figures from Rightmove, the average cost of a home rose by 0.8 per cent to £239,655 during March, though this was down on the monthly increases seen so far in 2008. The property website noted: "In spite of the credit crunch resulting in a more stringent mortgage environment, sellers are testing the market at prices still remarkably close to the peak of last year's boom." Furthermore, the average time a property now spends on the market has fallen from 93 days to just 82 days, with the purchasing market mirroring the high demand and tough competition currently being seen in the rental sector.  |
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