Static mortgage lending 'may make flats in London more appealing'
News that mortgage approvals are likely to remain static could encourage more people to look for flats to rent in the London borough of Lambeth.
Timothy Lambert, head of consulting at Ducalian, said it is "unsurprising" that Bank of England statistics show the number of approvals has dropped.
This is because of concerns over the economy, rising unemployment and the large deficit affecting approvals for public sector workers that the government is currently trying to deal with, he explained.
Mr Lambert also noted that in the opinion of his firm, the rate of lending was too high at the beginning of 2010.
He thinks "mortgage approvals will remain static or possibly fall further between now and the end of the year".
The Bank of England stated that in May, the number of loan approvals for house purchases was 49,815, which is slightly lower than April's figure of 49,828.
This is also below the previous six-month average of 51,856.
By Andy Britten
Published 1st July, 2010
© 2010 Estates IT Limited
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If people are struggling to get a mortgage approval they may want to consider flats to rent in the London borough of Lambeth instead.