House prices rises 'not sustainable'
Over the last ten years, UK property prices have risen significantly, but this trend is unsustainable, according to one sector commentator.
The average property increased in value by 105 per cent in the 2000s, despite falling by 21 per cent between the end of 2007 and the middle of last year, according to a new report by Halifax.
This means prices increased from £81,596 in the last quarter of 1999 to £167,020 in the last quarter of 2009.
In London, property prices increased by some 80 per cent, which could mean flats to rent in Notting Hill or another part of the capital, are a more affordable alternative for many Britons.
Commenting on the news, Jon Brown, partner relationship manager at iammoving.com, said lessons should be learnt from the recession and the increases seen in property prices over the last decade should not be repeated.
For the time being, he claimed: "Private rental rather than purchase remains the dominant, if not preferred method of finding a place to live."
Written by Chris Price
Published 28th January, 2010
© 2010 Estates IT Limited
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The steep rises in house prices noted over the past decade are not sustainable, it has been claimed - which may prompt Britons to consider property to rent on London.