Flats to rent in London popular as market falls?
The housing market is set for more difficult times over the rest of the year, according to property analysts.
House price data business Hometrack revealed prices dropped this month, due to a lack of demand.
Estate Agents have reported they are getting fewer potential buyers signing up with them, even though houses are still being put on the market.
People do not want to buy because they are losing confidence in the economic recovery, suggested Hometrack's director of research Richard Donnell, adding that "uncertainty over the impact of recently announced cuts in government spending" was also possibly to blame.
The company also stated that houses are taking longer to sell and Mr Donnell warned that further problems this year were "inevitable".
This news comes as Estate Agent Knight Frank announced last week that renting in London is becoming more popular and almost all of their current tenancies were renewed last month.
Posted by Chris Price
Published 26th July, 2010
© 2010 Estates IT Limited
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