Rental demand 'will rise as house prices drop'
Property prices have been predicted to see further falls throughout 2009, as mortgage finance remains restricted.
The forecast came from propertyfinder.com, which also suggested that demand will continue to rise in the rental sector.
Those planning to live in London may prefer this option in order to avoid seeing the value of their home drop after making a purchase.
Nicholas Leeming, director of the site, explained that a rise in activity would take time to have an impact and predicted a downturn in values next year.
"It will not be a quick road to recovery and, as the economy takes a knocking, prices will continue to fall - we expect by around 12 per cent," he said.
And Mr Leeming added that the market in London and the south-east in particular would be affected by a recession.
This week estate agency Winkworth reported that there had been a 30 per cent rise in people opting to rent this year.
Published 19th December, 2008
© 2008 Estates IT Limited
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Property prices have been predicted to see further falls throughout 2009, as mortgage finance remains restricted.