Cheaper to buy than rent next year, SW19 says
More people will find it affordable to buy a property than to rent in 2009, according to sales and letting agency SW19.
As more mortgages become available, Luke Bennett, founder and managing director of SW19, forecasts there will be a slowdown in the rental market in 2009.
He said: "At the end of the day you are paying somebody's mortgage if you are renting."
If more people find it easier to buy, they may find it even cheaper to self build.
In a recent interview with the Daily Mirror, Liam Bailey of estate agent Knight Frank said that developmentland values in London are down in value by a third and at the moment self builders are able to pick up plots for less.
Nationwide recently disclosed that the price of the average house in the UK has now fallen by 13.9 per cent in the past year to stand at £158,442.