Tenants look to rental as London property prices climb
15 November 2007
Renting is becoming more appealing for many tenants as property prices in London gain pace, despite a slowdown in the property market in the rest of the UK.
Latest figures published by the Royal Institution of Chartered Surveyors (Rics) show London was the only region in which house prices continue to climb.
Property prices in England and Wales fell for the third consecutive month in October, the data revealed.
Rental is now the only option for many thousands of tenants across London in light of these price hikes.
"The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most UK regions," Rics spokesman Ian Perry explained.
Meanwhile, CML director general Michael Coogan said that the effect of higher interests rates are now starting to slow the housing market and put many first-time buyers (FTBs) off buying their own home.
"The Bank of England's decision not to reduce rates earlier this month will have disappointed many borrowers," he said.
