Increase in house prices
Potential buyers may be alarmed by new figures that revealed an increase in property prices.
Data from Nationwide Building Society showed a one per cent month-on-month rise in the cost of homes.
As a result, the average price of a property in the UK has gone from £164,519 in March to £167,802, an increase of 10.5 per cent from 12 months earlier.
This follows research by mortgage broker John Charcol this week, which confirmed that fewer first-time buyers were taking out home loans, comprising just seven per cent of the company's business for March.
Brian Berry, director of external affairs at the Federation of Master Builders, hinted that action on mortgage liquidity needed to be taken, not only to help new purchasers, but also the construction industry.
These figures and numerous reports of first-time buyers struggling to afford deposits may encourage more people to consider looking for property to rent in the London borough of Southwark or elsewhere in the UK.
By Martyn Glynn
Published 29th April, 2010
© 2010 Estates IT Limited
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News that house prices have increased month-on-month in April may attract more people to consider looking for property to rent in the London borough of Southwark or elsewhere in the UK.