Property prices 'still remain high'
The price of houses in the capital could encourage some people to consider property to rent in London instead.
Selwyn Lim, director of UK property market information site Mouseprice, said figures from Chesterton Humberts that show properties in Kensington and Chelsea have fallen in value by 27 per cent during the past 12 months may not be accurate.
He explained that this figure would be a "huge fall" and suggested it could be based on a small sample of transactions which do not reflect the market as a whole.
Mr Lim said: "Because there are so few transactions going on, most [surveys] that rely on some samples of transactions really would struggle to get enough data to make any statistically significant conclusions."
Mortgages.co.uk suggests that there are several advantages to renting, rather than making a property purchase.
The financial costs of taking on a mortgage - particularly in times of economic uncertainty - can be prohibitive for some first-time buyers.
Renting, on the other hand, allows for lower initial start-up costs and allows people greater flexibility when it comes to relocation.
Written by Chris Price
Published 30th July, 2009
© 2009 Estates IT Limited
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Renting may be a better option for people considering a move in London, as reports of property price falls may not reflect the true market.