London house buyers 'opt to rent' while market slows
Potential house buyers in London are choosing to enter the lettings market as the property sector remains depressed in the capital, a new survey has revealed.
According to the Royal Institution of Chartered Surveyors' (RICS) latest housing market survey, there were only seven sales per London agency in the last three months.
The body stated that many buyers are adopting a "wait and see approach" to the city's property buying sector and as such maybe choosing to rent.
RICS spokesperson Jeremy Leaf stated that the economic slowdown is affecting the number of people that would wish to purchase property.
"Unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital," he said.
Those people who are renting in London may be pleased to hear that the cost of doing so has become cheaper.
A report from the Association of Residential Lettings Agents has revealed that the average rent in prime Central London has fallen by 9.3 per cent in the past year.
Published 9th December, 2008
© 2008 Estates IT Limited
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Potential house buyers in London are choosing to enter the lettings market as the property sector remains depressed in the capital, a new survey has revealed.