Flats in London may be boosted by lack of mortgage availability
More people may think about finding property to rent in the London borough of Havering or elsewhere in the UK after figures revealed that the number of discounted home loans has dropped significantly in recent years.
Data from independent financial research company Defaqto found that the number of such deals made available to would-be homeowners stands at 166 in July 2010, compared with 586 products on offer in July 2007 - a drop of 72 per cent.
David Black, Defaqto's banking specialist, believes this is because lenders have little incentive to offer them to customers, given that standard variable rates are competitive.
Another factor that may put off potential purchasers and persuade them to consider looking for property to rent in the London borough of Havering may be recent increases in the cost of buying.
House price indexes from Nationwide, Land Registry and Acadmetrics have all indicated that in the past year, valuations have risen by at least five per cent in relation to 12 months earlier.
By Chris Price
Published 8th July, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
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The number of discounted mortgages available has dropped by more than 70 per cent in the last three years, a statistic that might encourage more to consider looking for property to rent in the London borough of Havering.