Remortgages 'continue to fall'
Although the number of new home loans recorded in the past year has increased, remortgaging has continued to fall, new figures have revealed, which could mean that Britons who are struggling financially could find it more affordable to sell up and rent.
The Council of Mortgage Lenders (CML) has found that the number of remortgages taken out decreased by 57 per cent, when compared to last year.
Peter O'Donovan, head of mortgages at Bestinvest, said that when it came to remortgages, there were a lot of people "sitting on" a very low variable rate, which meant fewer people were considering moving.
He added that people were unlikely to move until the base rate began to increase.
In light of this, people may find that property to rent in Islington or other parts of London is a more affordable alternative to buying it until the housing market shows more signs of recovery.
CML revealed that there were 32,000 remortgages in August 2009 - down by 22 per cent from July 2009 and by 57 per cent from August 2008.
Written by Andy Britten
Published 13th October, 2009
© 2009 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
Remortgaging levels are continuing to fall, new figures have shown, which may mean Britons could find it cheaper to rent.