House price increases 'due to stock shortage'
Potential first-time buyers may be led to believe they could miss the bottom of the housing market as prices continue to rise, according to one expert.
Timothy Lambert, head of consulting at property investment firm Ducalian, said that people were often paying the asking price for a home when they did not need to.
His comments come after Nationwide announced that the cost of purchasing a house in London had risen by 14.8 per cent in the 12 months to the end of May.
He continued: "We are keeping a close eye on interest rates as these will dictate many defaults and consequently repossessions as variable rate mortgages become less affordable over the next few years."
With Mr Lambert's prediction of a growth in house prices, perhaps more people may be persuaded to consider looking for property to rent in the London borough of Hackney or elsewhere in the country.
By Ben Carter
Published 4th June, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Hackney or elsewhere in the country after an industry expert predicted that house prices would continue to rise.