House Price Fears Are The Letting Industry's Gain

Economists have warned that a small rise in house prices in September will usher in a period of stalemate in the housing market in coming months.

The figures released by building society Nationwide showed a gain of just 0.1% for that month, with an overall fall of 0.9% on the 3-month analysis.

Howard Archer, chief economist at IHS Global Insight, noted "Flat house prices reported by Nationwide in September following significant drops in August and July do not materially change our view that house prices will trend generally lower over the final months of 2010 and in 2011."

Summarising, he added, "We expect house prices to fall 10%."

On the other side of the coin, low activity in the property sales market will once again be seen as a positive for the lettings industry. Those unable to buy or reluctant to buy into a perceived downtrend will sustain high tenant demand whilst those sellers who cannot find a buyer will turn to letting their property."

Rory James MacLaren-Jackson of Property Agency Training believes that the property sales market's loss is very much lettings' gain. "Of course, a weak housing market is never a friend of the property agent, but current conditions are providing strong demand for letting agency services in particular."

He continued, "We receive a lot of feedback from agents we have trained as to the 'let to move' trend of sellers choosing to rent, often for the first time, thus creating a new demand for letting agency services from these initially-reluctant landlords."

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