Mortgages on the up but doors still closed for many
Buying a home in the capital city could be unachievable for some, many of whom may instead decide to instead find property to rent in London.
The latest lending report from the Bank of England revealed that the number of mortgages approved for people who wished to buy a house stood at 52,317 in August.
While this is above the previous six-month average, it could still mean many doors remain closed for individuals who want to buy a home, as the number of mortgage approvals are still low compared to before the recession took hold of the UK.
Commenting on the data, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that a lack of mortgage finance is not the only reason why some people are struggling to get on to the housing ladder and preferring to search for property to rent in London instead.
"The lack of appropriate properties on the market is compounding the problem by leaving prospective buyers with little real choice in some parts of the country," he added.
As such, choosing property to rent in London instead until market conditions make it ideal to buy could be a choice many people adopt.
Written by Andy Britten
Published 29th September, 2009
© 2009 Estates IT Limited
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Many people may continue to rent property in London as mortgage approvals still remain subdued.