People 'better renting in London'
Finding flats to rent in London is preferable to trying to buy a property in the capital at the moment, according to one high street bank.
Santander, which owns the former Abbey National and Alliance and Leicester, has suggested that although market conditions mean people in other parts of the country can confidently consider purchasing a house, Londoners may not have the same luxury.
The bank has indicated there is greater optimism for those buying outside the capital because the average monthly payment to landlords is just £86 per month more than mortgage costs, excluding rent in London.
However, within its boundaries, the difference between home loans and the value of letted abodes is £359 a month that homeowners are required to pay.
Recent data from the Land Registry showed that house prices in the UK's biggest city were around twice the national average, a statistic that might convince more people to look for flats to rent in the London borough of Redbridge or elsewhere in the capital.
By Andy Britten
Published 16th June, 2010
© 2010 Estates IT Limited
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A high street bank has suggested that people living in the capital should continue to look for flats to rent in the London borough of Redbridge or elsewhere in the city, as it represents better value for money than a home loan.