Could limited housing activity make flats to rent appealing?
Fewer buyers means property prices are rising in the UK, which could see people consider flats to rent in the London borough of Hillingdon instead.
Stephen Mills, business development director for Mivan Prime, said there is only a limited amount of local activity in the housing market, with much of the investment coming in from abroad.
Instead, people are "sitting on their property and developing it, so there are fewer properties about which is basically driving the price up", he explained.
People from Russia and the Middle East are taking advantage of the weak pound to buy up dwellings, while the Greek economy is also encouraging investors to enter the prime market, Mr Mills stated.
Earlier this month, Mivan reported that 50 per cent of London property sales above £2 million are now going to international buyers.
Mr Mills said demand for these "prime" properties is very strong and this is helping the recovery of the sector, which reached a low in 2009.
Posted by Andy Britten
Published 21st September, 2010
© 2010 Estates IT Limited
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One expert claims slower housing market activity is pushing up prices for potential buyers.