Could flats to rent appeal as house prices reflect falling consumer confidence?
An increasing number of people in the UK may consider flats to rent in the London borough of Harrow, as one expert believes consumer confidence is falling.
Ben Wilkie, editor of What Mortgage, commented on the news that house prices are declining for consumers.
He explained that this is likely to be because many people are "a bit worried" about the economy, as property values often act as a guide to the state of the country.
Mr Wilkie believes that uncertainty in the market means "house prices are going to be a little bit more unpredictable than they would be otherwise".
However, he did state that the declines in value do not necessarily equate to an overly inflated property industry.
Mr Wilkie's comments come after Nationwide's chief economist Martin Gahbauer revealed house prices in the UK fell by 0.9 per cent month-on-month in August, following a similar decline of 0.5 per cent in July.
Posted by Andy Britten
Published 3rd September, 2010
© 2010 Estates IT Limited
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One expert thinks falling house prices are a reflection of decreased consumer confidence in the market.