Increased living rates 'may encourage people to rent flats in London'
News that the cost of running a home has dropped could encourage people to look to rent property in London.
Over the last two years the expense of looking after a property has dropped by six per cent, saving the average family £544 a year, according to statistics released by Halifax on June 26th.
As the housing market begins to pick up and many mortgage lenders look for at least a 25 per cent deposit, people could start to opt for renting flats instead in a bid to capitalise on the reduction of housing costs.
With interest rates staying low and the Bank of England base rate unlikely to rise by more than 0.25 per cent at any one time, the cost of living has come down over the last couple of years despite the financial turmoil.
Another sign that the economy and housing market are recovering is the drop in the number of homes repossessed during the first quarter of 2010.
The Financial Services authority reported an 11 per cent drop in the number of homes repossessed, the lowest figure in two years.
By harles Mackay
Published 29th June, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Flats to rent in London could become more popular as the cost of living reaches its lowest level in two years.