Flats to rent in London news: Mortgage market slump set for autumn
Landlords with flats to rent in London may see a surge in occupants after an organisation claimed this autumn will be a slow time period for the property market.
The Council of Mortgage Lenders, commenting on recent Bank of England statistics, noted a quiet period over the season has been all but confirmed.
According to the Bank, the number of approvals for mortgages dropped by nearly 2,000 in June from 49,461 in May.
This figure was also lower than the previous six-month average, which stood at 50,036 and CML economist Paul Samter admitted the market will remain subdued for the coming months.
He added: "This low demand is being driven ... by the lack of demand among those existing borrowers enjoying low rates and tighter [lending] criteria."
The data also revealed remortgaging activity slumped between May and June, with 24,949 approvals in the latter month, representing a three per cent drop.
Posted by Charles Mackay
Published 29th July, 2010
© 2010 Estates IT Limited
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A stagnant home loans market has been predicted by the Council of Mortgage Lenders, those looking to rent flats in London have been advised.