House prices rise 'despite cold weather'
House prices in the UK continued to rise again in January, despite the freezing weather causing buyer interest to fall.
According to the Royal Institution of Chartered Surveyors (RICS), the snow and cold also caused less people to put their homes on the market.
Such a lack of choice, mixed in with the bad weather, may have prompted people to put their plans to buy a new home on the backburner and instead look for flats to rent in Eltham or another part of London, where they are likely to be able to move in swiftly.
The RICS study also revealed during January, 32 per cent more chartered surveyors reported a rise than a fall in house prices - up from 30 per cent in December.
High property prices may be another motivation for people choosing to rent rather than buy.
RICS spokesperson Ian Perry said: "The cold snap in January clearly has a huge impact upon both supply and demand in the housing market with activity coming to a halt amidst the seasonal chaos."
The Met Office recently forecast the freezing weather is likely to return this week.
Written by Ben Carter
Published 9th February, 2010
© 2010 Estates IT Limited
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The recent cold snap experienced across much of the UK may have put a dampener on people's plans to move and may have seen them instead opting to look for property to rent in London.