Mortgage dive making flats to rent in London popular?
The rental market could feel a boost as the British Bankers' Association (BBA) has revealed that fewer people are able to get mortgages.
Home loan approvals for purchase fell last month by over 2,000 to just 34,813, the lowest figure since February.
Overall mortgage lending was also down, as only £2.1 billion was lent during the month of June compared with £2.5 billion in May.
BBA statistics director David Dooks said that "uncertainty over job prospects and the impact of fiscal tightening" could be to blame for any future inactivity in the residential property market.
flats to rent in London are more desirable than ever, with Estate Agent Knight Frank's Chelsea and Fulham branch seeing over 90 per cent of their current tenancies renewed last month.
In contrast, the demand for buying is lower than the number of flats and houses being put up for sale and economists do not expect a sudden turnaround.
Posted by Martyn Glynn
Published 23rd July, 2010
© 2010 Estates IT Limited
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Mortgage approvals have fallen again since February, according to the British Bankers' Association, making it harder to buy property.