Sluggish housing market makes rental sector more appealing |
16 2007 |
| A slowdown in the housing market and tightening lending criteria is diverting more people towards the rental market. The Nationwide Building Society has predicted that annual house price inflation is likely to fall to zero next year, according to Finance Market. The sluggish housing sector coupled with greater restrictions in the mortgage market is convincing more people to look at the rental sector as affordability concerns continue to plague those who had previously been looking to get on the property ladder. It has been suggested that a cut in interest rates will not prevent the fall in house price inflation that is taking hold in the UK property market. Predictions of a downturn in the economy will convince many that now is not the time to buy and that sticking in the rental sector is a more secure option during such instability. Meanwhile, a recent study by estate agent Savills has shown that many areas of London have become more appealing to renters thanks to continued regeneration and development, reports the Times.  |
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