Steady house prices to keep tenant demand high |
06 2008 |
| Tenant demand looks set to remain high after a new round of figures suggest the mooted house-price crash may not materialise after all. According to the latest figures released by Halifax, house prices across the country are still rising at an annual rate of 4.5 per cent, meaning the average cost of a home in January reached £197,244, a rise of £7,628 on the figure for the same month in 2007. While the bank admitted that the market is cooling, it stated that prices are likely to remain flat over the coming year rather than take a tumble. Martin Ellis, Halifax chief economist, said: "We expect sound economic fundamentals and lower interest rates to support house prices. Nationally, we predict that house prices will be flat in 2008." The comments come soon after the Royal Institute of Chartered Surveyors (Rics) reported that the cost of buying a first property has risen by around 350 per cent since 1996, meaning growing numbers of professionals are opting to stay in the rental sector rather than stretch themselves by trying to get onto the housing ladder.  |
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