Brits may swap mortgages 'for flats to rent in London'
More people could be staying in flats to rent in London as house repossessions are at a two-year low, it has been revealed.
Chris Jenkins, spokesperson for the Homeowners Advice Centre, said it is "reassuring" to see the housing market finally moving in the right direction.
He commented that the industry is stabilising and more and more people are resisting the urge to "upsize too quickly" and move into a big home.
In the opinion of Mr Jenkins, interest rates have also stabilised and over the past two years, people have started to move away from fixed-rate mortgages, possibly by looking at flats to rent in London instead.
He said that because rates are so low it may have "resulted in more money on a monthly basis for ordinary households, as well as landlords".
At the end of May, moneysupermarket.com revealed that the total number of mortgages available in the UK was only 12 per cent of the figure recorded for May 2007.
By Chris Price
Published 28th June, 2010
© 2010 Estates IT Limited
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More people may be looking at flats to rent in London as house repossessions are at a two-year low, it has been suggested.