Huge mortgage deposits could start capital renting boom
London residents looking to buy property in the capital have been hit by the news that a deposit of up £70,000 may be required.
The news, which was revealed as part of research by mform.co.uk, could lead to house hunters in London instead turning to the rental market.
The research has also shown that the amount needed to secure a deposit on a home has risen by 43 per cent since 2007, mainly due to the ongoing credit crunch.
Francis Ghiloni, marketing and business development director at mform.co.uk, said: "Availability of mortgage deals remains the biggest issue for borrowers who do not have equity in their homes."
The average price of a home in London is now £345,000, which could require a deposit of up £71,616 to purchase.
The Guardian reported earlier this month that demand for rented property in the capital has risen significantly.
Published 26th August, 2008
© 2008 Estates IT Limited
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London residents looking to buy property in the capital have been hit by the news that a deposit of up £70,000 may be required.