Property 'dead zone' may make flats to rent appealing
More people could be encouraged to look at flats to rent in the London borough of Croydon, as the property market in the UK has reached a "dead zone".
This is according to Paul Holmes, chief executive officer of First Rung, who explained many first-time buyers may struggle to get on the housing ladder.
This is because they still require a "fairly hefty deposit" to purchase a home and concerns about job security may make this difficult.
Mr Holmes also pointed out that dwellings in the country are too expensive for a lot of people and individuals need to have "a more realistic view on what a house is actually worth".
This is the only way the market can recover and boost activity, he suggested.
Mr Holmes' comments come after the LSL Property Services/Acadametrics House Price Index revealed the number of transactions being made fell in August, while house prices recorded a 0.2 per cent increase during the month.
Posted by Andy Britten
Published 10th September, 2010
© 2010 Estates IT Limited
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One expert thinks high property prices have led the industry in the UK to reach a "dead zone".