Will less construction activity persuade more to consider renting in London?
More people may be encouraged to look at property to rent in the London borough of Hackney after one industry suggested a fall in construction activity was to be expected.
Richard Diment, director general of the Federation of Master Builders, said the decrease is disappointing but indicated that it is not a complete surprise with spending cuts at the for front of the government's agenda.
"There is going to be a lot less expenditure around over the next few years, without a shadow of a doubt and that is going to impact on the construction industry," he added.
Last month, Simon Rubinsohn, chief economist for the Royal Institution of Chartered Surveyors, commented that modest house building figures were down to mortgage shortages for first-time buyers, a point that might make property to rent in London a more appealing idea.
Furthermore, Ray Boulger, senior technical manager at home loan broker John Charcol, stated that conditions for new purchasers were unlikely to improve in the near future.
By Andy Britten
Published 13th July, 2010
© 2010 Estates IT Limited
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It may be that more people look for property to rent in the London borough of Hackney as a result of a drop in construction activity.