More Britons choosing to rent, figures reveal
Problems in the housing market are increasingly leading Britons to rent, it has been found.
According to estate agency Winkworth, there has been a 30 per cent rise in the number of people choosing this option in 2008.
It comes as prices have been falling, with the firm's figures showing a 20 per cent drop in values compared to a year ago.
And continued stagnation is expected over the next 12 months, with managing director of Winkworth Franchising Dominic Agace predicting a further decline in prices of up to ten per cent.
Islington-based Winkworth franchisee Ian Fraser remarked: "The government's announcements in the pre-Budget report are likely to do little to alter the state of the housing market."
House prices in Islington fell by 0.7 per cent in October, according to the latest Land Registry figures.
This contributed to a total annual loss of 5.5 per cent, meaning those who bought property may now be facing negative equity.
Published 18th December, 2008
© 2008 Estates IT Limited
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Problems in the housing market are increasingly leading Britons to rent, it has been found.