Halifax annual figures could persuade some to rent in London
People may spend more time looking at property to rent in the London borough of Tower Hamlets after the latest House Price Index from Halifax showed the cost of buying a home has risen.
Figures for June revealed that valuations had gone up by 6.3 per cent on the same time last year, with the average abode going for £166,203, despite a small drop of 0.6 per cent from May.
In addition, what may encourage more potential purchasers to look at property to rent in London is another statistic which stated that prices are 7.5 per cent higher than their April 2009 "trough".
Martin Ellis, housing economist for Halifax, noted that the numbers had remained largely unchanged for the year and the pattern is in line with his view that figures will remain unchanged throughout the course of 2010.
Last week, data from Moneyfacts.co.uk showed that the number of mortgage product available to buyers had dropped, compared with a fortnight earlier.
By Martyn Glynn
Published 9th July, 2010
© 2010 Estates IT Limited
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An annual rise in house prices across the UK may encourage more people to look for property to rent in the London borough of Tower Hamlets.