Downturn 'will benefit rental sector'
The continuing downturn in the UK's house price market is expected to have a positive effect on the rental market, according to new research.
Figures released by property website Rightmove revealed that the average value of a property in the UK has fallen by one per cent in the last month.
A reduction in house prices has also led to a geographical spread of decline with over 80 per cent of localities reporting a drop in house prices.
This fall in house prices by over three per cent in the last year is expected to result in more people looking for property to rent in London and elsewhere.
It is thought that many homeowners will take advantage of the situation by selling their houses and renting before purchasing again at a more reasonable price.
Earlier this month, Abbey released a survey which showed that over 800,000 households in the UK were planning to sell up and move in to the rental market.
Published 7th July, 2008
© 2008 Estates IT Limited
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The continuing downturn in the UK's house price market is expected to have a positive effect on the rental market, according to new research.