Number of people in mortgage arrears may make flats to rent more attractive
More people could be looking at flats to rent in London as there are still many Brits getting behind with their mortgage payments, one expert has claimed.
Tom Entwistle, director of LandlordZONE.co.uk, commented on news from the Council of Mortgage Lenders that the number of repossessions in the UK fell to 9,400 in the second quarter of the year, compared to 9,800 in the first.
However, he said although these are positive results, many borrowers are still in arrears.
Mr Entwistle explained these people are unlikely to see their situations improve in the short-term, especially as the government plans to make job cuts in the public sector.
Interest rates are another contributing factor, the expert continued.
"If inflation cannot be contained then interest rates will have to rise eventually, exacerbating debt problems when interest rates are raised," he said, adding that although it may be possible to contain arrears, the situation could still worsen in the near future.
Posted by Ben Carter
Published 16th August, 2010
© 2010 Estates IT Limited
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Flats to rent in London may be an alternative for those worried about mortgage arrears.