Lack of properties becoming available may lead people to rent flats in London
An increasing number of people may be deciding to find flats to rent in London as they struggle to locate a home to buy due to a lack of establishments becoming available.
There are not many individuals who are desperately trying to sell their house at the moment as a result of low interest rates, noted Selwyn Lim, director of Mouseprice.
He added there is no longer a large amount of Britons competing against each other in the property market because individuals are not in a position where they can finance a purchase, which is partly explained by the unavailability of mortgages at the current time.
Mr Lim observed that even though prices are definitely weak, there has not been a second big fall, which is partly because there are not many individuals looking to sell, but also as there are so few people in a situation to buy.
Hometrack recently reported that demand for housing in November dropped by 4.3 per cent, representing the sharpest single monthly decline since January 2009.
By Ben Carter
Published 30th November, 2010
© 2010 Estates IT Limited
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The housing market is being affected by few people selling and not many individuals being able to buy, it has been claimed.