Housing market collapse could lead people to seek flats to rent in London
People looking to sell their home before the impact of the government spending cuts kick in may consider finding a flat to rent in London.
Paul Holmes, chief executive of Firstrung, said the increase in Estate Agents listings demonstrates more individuals are trying to sell their property in order to counter the austerity measures.
A housing collapse could occur in the country following a rise in interest rates as an increase would push up mortgage rates, leading to "an awful lot of grief and pain in the housing market", he observed.
Mr Holmes added young people are being priced out of being able to buy a home.
He stated in order to gain a footing on the property ladder, an individual would need to ask for a mortgage six times the amount of an average salary of £25,000.
A national housing survey published by Hometrack this week (November 1st), revealed October saw demand for residences drop by minus two per cent, the fourth monthly decrease in a row.
By Martyn Glynn
Published 3rd November, 2010
© 2010 Estates IT Limited
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A rise in interest rates could lead to a lot of strain being placed on the UK housing market, which could lead to a collapse.