With finance and mortgages becoming increasingly difficult to obtain, many young professionals simply cannot afford to buy a property. This has meant a sharp increase in the amount of people looking for properties to rent.
We are currently inundated with tenants looking for properties in Brighton & Hove. There is, however, a massive shortage of properties on the rental market. There are currently only 568 rental properties listed on Rightmove in Brighton & Hove. This shows a significant reduction from last year when there were over 1500 properties listed.
In the sales market, Nationwide reports that house prices fell by 0.7% in October with the average house price now being £164,381 down from £166,757 in September.
The market is proving difficult for people trying to sell their property with agents reporting that there is a lack of first time buyers and investors. This downward trend is set to continue late into 2011.
With many Landlords achieving higher rents than mortgage payments and rentals increasing dramatically, perhaps it is time to consider renting your property.
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