Renting 'is a good opting for Londoners who cannot afford mortgages'
Published On 10 May 2008
Young people who cannot afford a large enough mortgage to get onto the property ladder in London could consider renting while they save for a deposit, an industry expert has said.Nicholas Leeming, director Propertyfinder.com, explained that house price inflation in the capital over the last 15 years meant that many young people were finding it difficult to get a mortgage and onto the property ladder.
She was commenting after figures from Halifax indicated that house prices rose by 1.6 per cent in greater London, despite a slowdown across most of the rest of the country.
"Central London has seen such amazing growth over the last decade, since 1992 even, but I think that renting is not a bad option for people who want to live there and give themselves a bit of time [before buying a house]," Ms Leeming explained.
Recently, Moneyextra.com suggested that it could be a good time for first-time buyers to get a mortgage.
The site explained that buyers were currently able to dictate terms to seller.
Robin Amlot, senior editor of the site, explained: "It would appear that those first-time buyers who are in a position to buy are driving much harder bargains with sellers."
