Home Owners Sitting out Low Prices

It seems that more and more home owners in the UK have taken heed of the state of the housing industry and are opting to not sell their homes just yet. With house prices still in a slump compared to previous years the letting option is now looking more attractive for a lot of people.

The Royal Institution of Chartered Surveyors (RICS) published a report in August of this year stating that frustrated owners have been letting their properties after not being able to secure sales at the desired valuations. Surprisingly rents have increased which has left the lettings arm of the housing industry as a desirable source of income while house prices recover.

This is only natural as not everyone wants to just sit tight and wait for house prices to improve. Some home owners still need to make some money out of their properties. Letting is a good alternative as it is the only option for pre first time buyers who still can't afford the price of a house these days. For although prices have taken a battering of late they are still double or even three times what they were ten years ago in my area.

The housing price crash provides an opportunity for those who still have any money left. Prices are low at the moment but that can't last given the shortage of new homes in Scotland. Prices will surely go up at some point once the economy is looking more stable. If you have money now then it would be worthwhile buying property while it is at a low value.

The buoyancy of the letting agents industry should help keep the housing industry afloat for some while prices slowly recover.