Property to rent in London 'still required as mortgages remain restricted'
property to rent in London, especially in prestigious boroughs such as Kensington, could continue to be in demand by Britons who cannot afford a mortgage for houses in the area.
According to money.co.uk, the cost of the VAT rise and inflation impacts individuals who rent more than those who own a house.
An increase in the cost of living could hinder the ability of people to save for a mortgage, meaning property to rent in Kensington and other London boroughs may continue to be in demand by cash-strapped Britons.
The website's head of content Hannah Maundrell stated: "The mortgage market has still not really opened up so many people who want to buy have no option but to keep renting."
Tenants were advised that if their landlords decide to increase rent this year, it could be wise to search for other accommodation if they cannot agree on a reasonable rate.
More than 40 per cent of landlords plan to increase rent over the coming months, while 55 per cent intend to leave them at last year's levels, a recent Paragon Mortgages survey found.
Posted by Ben Carter
Published 28th January, 2011
© 2011 Estates IT Limited
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The mortgage market has still not fully opened up, it has been suggested, which could see demand remain for property to rent in London.