Flats to rent in London more popular after government cuts?
People may be encouraged to opt for flats to rent in London, following comments from one industry expert that homeowners across the UK could be adversely affected by recent government cuts.
Editor of Your Mortgage Paula John claimed reduced funding for home loan schemes is "incredibly bad timing" and will cause individuals who own a property to struggle.
Her comments came after housing minister Grant Shapps revealed the Mortgage Rescue Scheme would be restructured in order to provide better value for money.
"More people are likely to struggle with the cuts in public sector spending which are likely to impact on redundancies, increase unemployment and affect people's abilities to repay their mortgages," Ms John said.
However, she admitted there is an argument for refocusing available funds to ensure a more streamlined service to the general public.
While the original intention for these initiatives was to help thousands of property owners, the reality is that only hundreds have actually been aided in a substantial way, the specialist went on to say.
Posted by Chris Price
Published 22nd July, 2010
© 2010 Estates IT Limited
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Flats to rent in London could be considered a better option to buying after one expert described government cuts to mortgage owners as "incredibly bad timing".