1 Sep

London property hunters could look for nearby housing alternatives

London property hunters could look for nearby housing alternatives

Research to come out of Housing Market Analysis by Oxford economic has revealed that the price of homes for a first-time buyer in London will reach £344,000 by 2015.

The news could mean that those in the capital for work could look at property to rent in London as an alternative. They may also be interested in acquiring property in nearby areas and could choose look at property for sale in Oxford.

The report said the supply of new mortgage lending remained depressed, despite an apparent easing in interest rate spreads, as lenders continue to require higher deposits as a safeguard against price drops.

David Orr, chief executive of the National Housing Federation, said: “For the millions locked out of the property market the options are becoming increasingly limited as demand sends rents rising sharply and social homes waiting lists remain at record levels.”

The only region on the country to have a higher price rise than London was Sheffield which grew by 10.6 per cent in the first six months of this year.


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