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11/12/2008
SW19: Cheaper to buy than rent in 2009 |
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Next year more people will find it more affordable to buy a property than to rent, according to sales and letting agency SW19.
Luke Bennett, founder and managing director of SW19, has forecast that there will be a slowdown in the rental market in 2009, as more mortgages become available.
There will be a lot of tenants who will feel it is "cheaper to buy" and this could cause problems for landlords, Mr Bennett warned.
He added: "At the end of the day you are paying somebody's mortgage if you are renting."
Nationwide recently disclosed that the price of the average house in the UK has now fallen by 13.9 per cent in the past year to stand at £158,442.
The building society's housing price index revealed that house prices fell by 0.4 per cent last month, which represents a more modest fall than the 1.3 per cent witnessed in October.
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