Renting the best option in London market, report suggests

01 2008
Renting is the accommodation option of choice for many professionals living in the capital, new figures would suggest.

According to a new report from Hometrack, the number of new buyers in the London market has dropped by 6.8 per cent in the last month alone as people become wary of making such a big financial commitment at a time of economic uncertainty.

As largely predicted by many property observers, sales of homes at the top-end of the market remain strong and price drops here have been minimal.

However, at the other end, where those professionals looking to settle in the city may have otherwise considered buying, the future looks less certain, making rental accommodation appear like the best economic option.

Richard Donnell, head of research at Hometrack, explained that this is likely to be the case for some time yet as lenders get tough and refuse to hand out mortgages to younger applicants.

"It seems inevitable that prices will continue to post modest falls until such time as confidence improves," he said.

Just days after it was reported that the average void period of a rental property has dropped yet again, the study also found that it is now taking an average of ten weeks to sell a home, around a fortnight longer than at the start of the year.

ADNFCR-1219-ID-18664280-ADNFCR

Related Articles
London renters to benefit from 'wow factor'
Professionals looking to move to London are set to benefit from one of the...

Plans for new South Bank properties unveiled
As the popularity of areas such as Clapham, Canary Wharf and Battersea have...

London's East End gets early Olympic boost
Students and professionals renting in the east of London have been given a...

Johnson may reverse high rise property policy
Boris Johnson and his aides have signalled that they may reverse their...

Croydon attracting Australian professionals
Australian professionals have been invited to leave the beaches of their...