Could more people seek flats to rent in London as 'consumer confidence dips'?
There could be greater tenant demand for flats to rent in London, as one expert has said people are less likely to purchase homes while they are concerned about the economy and jobs.
Martin Ellis, housing economist for Halifax, stated it was difficult to predict how the property market would perform in the future.
"Prospects for the housing market remain uncertain," he commented, explaining earnings are not expected to see any significant rises, tax hikes will soon be introduced and more individuals are trying to sell their homes.
"These will all be constraints on the market, dampening house prices," he added, with an increase in the supply of real estate likely to have a negative impact on the value of properties.
In September, the average home was worth £162,096, 3.6 per cent less than the previous month, the Halifax House Price Index reported.
This comes after a recent study by MGM Advantage showed London is the most expensive UK city for pensioners to reside in, which may encourage them to look for flats to rent in the area.
Posted by Ben Carter
Published 8th October, 2010
© 2010 Estates IT Limited
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Uncertainty over the economy and the labour market has encouraged people to be more wary about buying a home, one expert has said, which could see more people looking for flats to rent in London.