Pessimism over housing market 'could mean more rent flats in London'
Those once thinking of buying a home may be considering looking for property to rent in the London borough of Enfield instead after one expert predicted difficult time for anyone keen on purchasing.
Howard Archer, economist at IHS Global Insight, told the London Evening Standard that the third successive drop in house prices reported by Halifax in June "stokes our relative pessimism over the housing market".
"We increasingly suspect that house prices will be only flat over the rest of this year. We had previously thought a small rise was possible," he said.
Although Mr Archer mentioned a third drop in a row, the figures from the High Street bank showed that valuations are still 7.5 per cent higher than they were 14 months ago.
Indeed, what may put off first-time buyers and encourage them look for property to rent in London is data from Acadmetrics, which showed that prices are up 7.7 per cent from June last year.
By Charles Mackay
Published 13th July, 2010
© 2010 Estates IT Limited
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Is the idea of property to rent in the London borough of Enfield of greater appeal with one observer giving a negative forecast for the housing market?