Property sales markets' frozen'
property to rent in Hackney and flats to rent in Fulham could be a more attractive option for those looking for a residence in London, it would seem.
Nationwide Building Society chief economist Martin Gahbauer told delegates at the Chartered Institute of Housing Conference and Exhibition last week that the sales market appears to be "frozen" at present.
While, this side of the housing market stutters, there has been a "downward impact" on rents, he explained.
Mr Gahbauer said: "What a lot of sellers have done, instead of marketing their property for sale, is to let the property instead, which still allows them to move and generate a rental income."
This, he said, has moved supply from the sales market into the letting market.
Earlier this month, the Land Registry stated that the average property value in England and Wales in April was £152,898.
Properties in London increased in value by 1.4 per cent during the month to an average of £302,411 - down 14.3 per cent year-on-year, but still a difficult level for the average first-time buyer to afford.
Written by Chris Price
Published 22nd June, 2009
© 2009 Estates IT Limited
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