09-05-2008
London rental sector good alternative for house hunters
Renting a property in London is "not a bad option" for those who cannot afford to buy a home in the city due to high prices, an industry expert has claimed.
The rapid growth of property prices in the UK's capital has made many people looking for homes turning to the rental sector instead, Propertyfinder.com said.
However, as the city's rental properties are generally among some of the best in the country, renting a home is not necessarily a bad thing for those feeling priced out of the housing market, Nicholas Leeming, director of the property portal, stated.
He added: "Central London has seen such amazing growth over the last decade, since 1992 even, but I think that renting is not a bad option for people who want to live there and give themselves a bit of time [before buying a house] in the process."
London house prices in March grew by 3.7 per cent, according to Primelocation.com.