Flats to rent in London appeal to businesswoman
A businesswoman has explained why she prefers property to rent in the London borough of Lambeth to buying a house.
Speaking to the Daily Telegraph, Lotus PR press agency boss Monica Brown said she had originally imaged her lifestyle would involve marriage and home ownership when she moved down from Scotland to the capital.
Instead, Ms Brown has a flat in Battersea, which she rents for £1,700 a month, allowing her to invest spare cash into her business, rather than struggle with what would be much higher monthly repayments on a mortgage for a similar property, costing £430-500,000.
Explaining her approach further, she remarked: "The whole buying mentality is intrinsically British. People in New York and other parts of Northern Europe, who are successful, reckon it's better to rent than buy."
And Ms Brown noted some who spent heavily to get on the housing ladder are now trapped in small homes, unable to trade up.
Land Registry figures for October 2010 showed the average property price in Lambeth has risen 10.1 per cent in the past year to £342,865.
By Charles Mackay
Published 13th December, 2010
© 2010 Estates IT Limited
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