Londoners opting to rent as prices fall, expert says
People living in London are increasingly choosing to rent as the property market continues to face difficulty, it has been found.
Change of address service iammoving.com explained that a year ago around half of the people using the site were renting, but this has risen to between 70 and 80 per cent now.
As house prices in the capital drop, those who buy face the prospect of negative equity.
And chairman of the portal Simon Preston noted that London values are "getting a little bit softer and may be decreasing at a faster rate than elsewhere in the country".
The most recent figures from the Land Registry revealed that property prices in the capital have fallen by nearly nine per cent over the last year, with Waltham Forest and Lambeth the hardest hit.
Nonetheless, Halifax has found that 39 of the 50 most expensive streets in England and Wales are in the Greater London area.
Published 5th December, 2008
© 2008 Estates IT Limited
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People living in London are increasingly choosing to rent as the property market continues to face difficulty, it has been found.