Flats to rent in London may grow in popularity as buyer slowdown continues
The property market in London and the rest of the UK has taken a new dive as a survey has revealed first-time buyer numbers are continuing to fall.
According to the Royal Institution of Chartered Surveyors (RICS), each member has seen only 14.8 sales on average in the past three months, with this low tally being accompanied by a drop in new instructions as fewer homes come onto the market.
And first-time buyers are "in particularly short supply", RICS noted, pointing to the problems posed by the large deposits demanded and the lack of mortgage finance available as major barriers to getting on the ladder.
Such factors may offer a very good reasons for people to seek property to rent in London rather than trying to buy a home.
Choosing to rent instead of purchasing can also be a lot cheaper, PR company manager Monica Brown told the Daily Telegraph this week.
She said the £1,700 monthly amount she pays on her home in Lambeth is much less than a mortgage on a similar residence would be if she had opted to buy.
By Ben Carter
Published 14th December, 2010
© 2010 Estates IT Limited
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