Bank votes for no change on interest rates

Those living in rented property are - like everyone else in the UK - affected by the Bank of England's interest rate decisions.

Yesterday, they will have learned that the base rate will remain at 0.5 per cent for another month - the fourth in a row.

Although the cost of borrowing is at a record low level, buying a property is still a distant dream for many people in the country as mortgage lenders are still generally asking for high deposits.

This situation would suggest that living in flats to rent in Kensington and Chelsea, as well as other parts of London and the UK could be a more suitable option than buying a house.

Indeed, recent research from a number of property websites indicates that the cost of renting is less than it was one year ago.

Combining this with a lower cost of borrowing, which is expected to remain for the next 12 months, people in rented property may be forgiven for asking the question: "What financial crisis?"

Written by Charles Mackay

Published 5th June, 2009

© 2009 Estates IT Limited

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