Southern property 'most protected'

Posted: 19 Sep 2008 13:24:39 GMT

            Property News - Southern property 'most protected'

Property located in the south of England is likely to be the most protected in the market, it has been claimed.

According to property investment firm 1st Asset, southern markets have seen slowdown not because of a lack of housing or buyers, but because homeowners are simply choosing not to sell.

Andy Smith, managing director of the firm, explained that most homeowners in the south have enough money to hold onto their home, adding that it is mainly those being forced through job relocation or renting out who are still entering the market.

"The amount of houses sold in the south-east has dropped dramatically and that's not because there aren't the houses there or there aren't the buyers there," he said.

"The problem is that people are waiting to see what happens and there is a fair amount of trepidation where people are concerned about what is going to happen."

He also criticised Gordon Brown's handling of the housing situation in recent months, noting that changes made to the stamp duty will probably benefit less than five per cent of the population.

Meanwhile, a report from Halifax issued earlier this month has suggested that the average house price in rural areas stood at £235,324 in July - 15 per cent higher than the average price of homes in urban conurbations (£204,290).

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