Property market 'still under pressure'
Property prices in the UK, along with the economy, are still continuing to be hard hit and this trend is likely to continue into the near future, one sector commentator has asserted.
David Amstell, spokesperson for Briffy.com, said over the past few years, people have been encouraged to buy whatever they want and have been able to do so because of higher wages leading to a materialistic attitude.
However, the recession has ended the boom and prompted people to become more cautious and realistic with their spending habits, he added - which could determine whether or not people choose to buy a home or continue renting.
"There doesn't seem to be any catalyst out there to encourage the market to do anything other than go down at the moment and I'm not quite sure what it would take for that to happen," Mr Amstell noted.
Britons may find that flats to rent in Blackheath or another part of London are currently a more realistic and affordable option than homes for sale in the same parts - as property prices in the capital are typically high.
Written by Chris Price
Published 22nd December, 2009
© 2009 Estates IT Limited
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