Flats to rent in London 'may seem attractive' as housing recovery slows

Flats to rent in London 'may seem attractive' as housing recovery slowsMore people may be encouraged to look for flats to rent in the London borough of Wandsworth following the news that the housing market recovery may be slowing down.

Figures released in Nationwide's monthly house price index have revealed property prices increased by only 0.1 per cent in June.

This follows an increase of 0.5 per cent in May and brings the annual rate at which prices are rising down to 8.7 per cent, a drop from the 9.8 per cent recorded last month.

Chief UK and European economist at IHS Global Insight Howard Archer suggested that the data "further fuels our belief that house prices will struggle to make significant gains over the coming months and may very well be only flat overall through the rest of the year".

Earlier this month, Kensington revealed that two-thirds of people living in rented accommodation are unlikely to purchase their property over the next five years.

By Ben Carter

Published 30th June, 2010

© 2010 Estates IT Limited

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