Expert's opinions on housing market 'may encourage people to rent flats'
One expert's comments regarding the news from Nationwide that house prices increased by 0.1 per cent in June may encourage more people to look for flats to rent in London.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said the current trend seems to indicate that new buyer enquiries are being outstripped by fresh supply on to the housing market.
Similarly, mortgage finance is still being "heavily rationed" and this is causing consumer confidence to slip, especially following the recent Budget announcement delivered by chancellor George Osborne.
"The more important issue for the market is whether this is accompanied by a pick-up in transaction activity," Mr Rubinsohn continued.
He also commented that the decision by the coalition government to abolish home information packs "is likely to encourage an increase in new instructions to Estate Agents".
At the end of last week, Tom Entwistle, director of LandlordZONE.co.uk, said the Budget had been kind to property investors, while also introducing landlord-friendly measures.
By Martyn Glynn
Published 30th June, 2010
© 2010 Estates IT Limited
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An expert has discussed why fresh supply on to the housing market is being outstripped by new buyer enquiries.