Strong demand shields London from 'boom and bust' |
11 2008 |
| Property investors have been advised that ongoing strong demand for rental accommodation among both students and professionals makes London a strong bet for the foreseeable future. Over the past few months, a number of reports have pointed to a general malaise in the UK property market, with Halifax recently reporting that average prices fell by 1.7 per cent in July, following on from reversals of 2.5 per cent in May and 1.9 per in June. However, according to the London-based estate agent Knight Frank, the many attractions of the capital to people from across the world will ensure that it will remain largely immune from such market turbulence. The company's Liam Bailey explained that "weight of demand" from would-be buyers and renters means that the London market does not experience "the same boom and bust conditions that you get in the rest of the UK". Furthermore, this is largely the case for the rest of the south-east of England as well, he explained, as cities such as Brighton continue to attract young people looking for a good quality of life alongside excellent career opportunities. On a more pessimistic note, Mr Bailey added, however, that "most other markets will see further price falls - pretty much everywhere", a sentiment likely to prompt many more would-be buyers to look into the advantages of renting.  |
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