Londoners 'unwilling to sell homes'
New research that could provide another reason to rent rather than buy has been published, showing that many London homes are not staying on the market because sellers are unwilling to drop their prices.
In Knight Frank's London Residential Review for autumn 2008, the firm's head of residential research Liam Bailey said: "After over a decade of rising prices in the capital, it is difficult for many homeowners to accept that their homes may be worth as much as 20 per cent less than a year ago."
With most not needing to sell, properties are not being changing hands, he stated.
On the other hand, Mr Bailey added, the rental sector is very much active.
The lack of availability of homes to buy may prompt many to look to the active rental sector for their London housing solutions.
Knight Frank's comments tally with recent findings from the Royal Institution of Chartered Surveyors, which said surveyors in the capital have averaged eight sales each in the last three months.
Published 17th October, 2008
© 2008 Estates IT Limited
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New research that could provide another reason to rent rather than buy has been published, showing that many London homes are not staying on the market because sellers are unwilling to drop their prices.