Many Brits 'still find mortgages unaffordable'
As the recession rumbles on, many Britons are finding that mortgages are unaffordable to them, it has been suggested.
Timothy Lambert, head of consulting at Ducalian, said in addition to this, once interest rates start to rise, which they inevitably will, more repossessions are also likely to take place as people struggle to meet their mortgage payments.
He advised such people to instead consider renting their home.
"There is no shame in renting and it is becoming more common-place, particularly with the lack of liquidity to people with average credit ratings, now is the time to rent and save up a deposit in order to buy when we pull out of recession," Mr Lambert urged.
For this reason, Britons may wish to choose flats to rent in Notting Hill, or another part of London, where rental prices are likely to be far cheaper than taking on a mortgage.
Mr Lambert's comments come after research by Halifax revealed the average UK house price has increased by 273 per cent since 1959 in real terms.
Written by Andy Britten
Published 22nd January, 2010
© 2010 Estates IT Limited
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Many people are continuing to find mortgages to be out of their price range, it has been revealed, which may see more Britons choosing property to rent in London.