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
London Rental Property News By London Borough / Category
Latest London Property News Headlines
A new 24,000-home regeneration scheme is underway in Hammersmith & Fulham, according to new findings.
Read Article ... Published on 21st July, 2014
Beckton is an urban district located in East London. It is part of the borough of Newham. It has often received a bad reputation over the years, due to its reputation for anti-social behaviour and crime.
Read Article ... Published on 18th July, 2014
Over £310 million has been pumped into a regeneration project in Camberley, Surrey it has been revealed.
Read Article ... Published on 17th July, 2014
An affordable housing scheme is underway in Tottenham and was recently launched by MP David Lammy.
Read Article ... Published on 16th July, 2014
Multi-million pound regeneration plans are set to breathe new life into Surrey, it has been revealed.
Read Article ... Published on 15th July, 2014
Hackney Council has outlined plans to build hundreds of new homes across the borough it has been revealed.
Read Article ... Published on 10th July, 2014
Mortgages are becoming more and more unaffordable for Londoners, according to new findings. A report published by Nationwide revealed that all regions in the UK saw annual price rises in the second quarter of this year.
Read Article ... Published on 8th July, 2014
Work is set to begin on a housing development in Sutton, after being given the go-ahead by the council, it has been revealed.
Read Article ... Published on 7th July, 2014
Local authorities across London are drawing up plans to make renting more affordable for residents, it has been revealed.
Read Article ... Published on 3rd July, 2014