Price rise 'may force people to opt for flats to rent in London'
first-time buyers could be considering looking for flats to rent in the London borough of Waltham Forest after a government house price index revealed the cost of owning a home in the capital rose significantly.
Data from the Department for Communities and Local Government revealed that valuations in the city increased by 17.1 per cent over the 12 months to May 2010, which is more than six per cent greater than the rate of increase across the UK (11 per cent) in the same period.
This means the average price of property to buy in the capital will set househunters back £333,704, almost £120,000 than the cost of a home elsewhere in England, something that may have people considering flats to rent in London.
It follows figures released by the Halifax at the end of last week, which showed a slight decrease in valuations between May and June, although annual prices increased by more than six per cent compared with June 2009.
By Martyn Glynn
Published 14th July, 2010
© 2010 Estates IT Limited
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