Low interest rate 'good for private rented sector'
Landlords in London and the UK as a whole have benefited from low interest rates over the last few months, it has been suggested.
The Bank of England's Monetary Policy Committee brought the cost of borrowing down to a record low of 0.5 per cent in March and has frozen the base rate at this level ever since.
Vincenzo Rampulla, public affairs officer for the National Landlords Association (NLA), indicated that this has been beneficial to the private rented sector in a number of ways.
According to NLA representative, there has been no upturn in property possessions over the last six months, while the number of recorded arrears is also down 17 per cent.
This is generally positive news for people living in property to rent in Ealing, flats to rent in Enfield or any other let accommodation across the UK, as repossession can result in tenants being thrown out of their homes, regardless of their ability to pay the rent.
Mr Rampulla also warned that rising unemployment could result in a pick-up in landlord rent arrears in the near future and he urged the government to provide protection against this.
Written by Martyn Glynn
Published 17th August, 2009
© 2009 Estates IT Limited
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It has been claimed that the low cost of borrowing is aiding landlords.