Property prices rising
The average price of a property in the UK increased by 0.8 per cent in August, which may suggest that the housing market slump is nearing an end.
Figures by Halifax reveal that this was the second successive monthly rise and the fourth to take place so far in 2009, although nationally house prices are similar to the same point during last year.
It is believed the increase was driven primarily by a growth in demand for property, teamed with low interest rates.
As house prices increase, people may find that flats to rent in Wandsworth or other parts of London are a more affordable option, particularly as the capital is renowned for being expensive.
Commenting on the Halifax figures, Keshav Thukaram, managing director of buy-to-let products and services website Smartlandlord.co.uk, said that the economy was not yet out of the woods and that the increase may have been generated by quantitative easing.
"Savvy first-time buyers should continue to bide their time before piling into property," he added.
Written by Charles Mackay
Published 10th September, 2009
© 2009 Estates IT Limited
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