Mortgage lending increased slightly in June according to latest figures but more prospective buyers are still choosing to rent.
The latest figures from the Council of Mortgage Lenders revealed that mortgage lending did pick up in June compared to May but was still lower than this time last year.
Research in July from the Association of Residential Letting Agents found that most lenders had more prospective tenants than homes to let and the popularity of renting has increased with 40% more people renting homes in 2009 compared to 2005.
Property rentals London wide are particularly strong due to a shortage of properties. Contractors and business men and woman from overseas are also looking for apartment rentals London wide as the economic conditions slowly start to improve in the capital.
Flat rentals London wide are also a popular option for young would-be buyers who are unable to get a mortgage but no longer want to live in the family home, keeping demand strong.
Demand for rental properties is expected to remain strong in the foreseeable future, with an average of five prospective tenants applying for each property in some areas and no clear cut signs of an end to the problems in the housing market.
Media Contact Details
Name: Residential Lettings London
Company Name: Residential Lettings London
Telephone Number: 020 7433 6670
Email: [email protected]
