Mortgages on the up but doors still closed for many
Buying a home in the capital city could be unachievable for some, many of whom may instead decide to instead find property to rent in London.
The latest lending report from the Bank of England revealed that the number of mortgages approved for people who wished to buy a house stood at 52,317 in August.
While this is above the previous six-month average, it could still mean many doors remain closed for individuals who want to buy a home, as the number of mortgage approvals are still low compared to before the recession took hold of the UK.
Commenting on the data, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that a lack of mortgage finance is not the only reason why some people are struggling to get on to the housing ladder and preferring to search for property to rent in London instead.
"The lack of appropriate properties on the market is compounding the problem by leaving prospective buyers with little real choice in some parts of the country," he added.
As such, choosing property to rent in London instead until market conditions make it ideal to buy could be a choice many people adopt.
Written by Andy Britten
Published 29th September, 2009
© 2009 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Putney community hall gets £150k refurb
Newlands Hall in Putney Vale, Wandsworth, has reopened after undergoing significant refurbishments.
Read Article ... Published on 18th May, 2012
Harrow cycling and walking routes improved
Extensive improvements have been be made to the cycling and walking routes in Harrow.
Read Article ... Published on 17th May, 2012
Norwood Park gets outdoors gym installed
An outdoor gym has been installed in Norwood Park in an effort to encourage more people to take up exercise.
Read Article ... Published on 16th May, 2012
Brixton to benefit from £75m regeneration
An estate in Brixton is to be improved thanks to a £75 million development project.
Read Article ... Published on 16th May, 2012
Olympic concerts to be held at Hyde Park
A series of Olympic-themed concerts are to be held at Hyde Park.
Read Article ... Published on 15th May, 2012
Many people may continue to rent property in London as mortgage approvals still remain subdued.