House supply 'affecting renting levels'

Posted: 25 Sep 2008 13:26:03 GMT

            Property News - House supply 'affecting renting levels'

As demand for new housing continues to outstrip supply, more and more people will be looking for rented accommodation.

That is according to an expert at the recent Property Investor Show in London, who explained that gloomy market conditions are also discouraging some landlords from purchasing extra properties.

Chris Howard, of property investment specialist 4:Property, said: "Financial markets will settle and the storm will pass. In the UK, supply and demand will determine the price; supply is continuing to fall short of demand.

"In the UK, only 12 per cent of the population rent. Affordability will determine the amount of property rented rather than bought and price is determined by supply and demand."

Meanwhile, Robert Graver, director of financial adviser Alan Boswell Group, prompted property hunters to look towards auctions, where prices are down 20 per cent from last year due to a glut of repossessions.

The Property Investor Show 2008 took place between September 19th and 22nd at the ExCeL Exhibition Centre.

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