Falling rental prices and house prices could mean its time to extend

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A dip in rental prices precipitated by the high number of unsold homes being put on the rental market is likely to further decrease demand for property in the UK, according to the Royal Institution of Chartered Surveyors (Rics).

This means that those looking to sell in order to move into a larger property are likely to suffer from a lack of acceptable offers.

The average time it takes to sell a property at present is around 12 weeks and even then the price could be way below what it would have been 12 months ago.

Rics Wales director Cathy McLean explained that the marketplace has become so competitive due to a 57 per cent increase in rental property that rents have been forced down.

"With national average house prices set to weaken in 2009, yields may increase for those investors who can provide the right product for the right marketplace," she said.

With this in mind, some may opt to extend the home by adding a conservatory or lean-to glazed extension to the kitchen or dining room to add the extra space they crave.

This may also be an idea to boost return on rental property as a house with a conservatory is often much more desirable than one without."ADNFCR-1495-ID-18894452-ADNFCR"

 

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