House price slump favouring property investors
News Category: Industry News
Published: 08-Aug-2008
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A further house price slump in July is likely to create further investment opportunities for landlords and swell the number of properties on letting agents' books.
According to Halifax's monthly index UK house prices fell by 1.7 per cent over the course of the month.
The fall followed declines of 2.5 per and 1.9 per cent in May and June respectively.
As a result, the average price of a home in the UK stands at £177,351 - some 8.8 per cent less than it was just 12 months ago.
The downturn in the homebuying sector is also currently driving up demand for rental accommodation, with would-be buyers opting to rent out a property instead.
This was borne out by a recent study conducted by Your Move which found that the number of lease commencements in the year to June rose by 38 per cent.
In turn, the slowdown has also had the effect of pushing up the rents that landlords are able to charge.
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