Cheaper to rent in London
According to estate agents Savills it is cheaper to rent a London property than to buy one.
House prices in London have risen so much that properties worth over £750,000 are actually cheaper to rent. Rental prices have only gone up 6% compared to a 20% increase in house prices. Even interest-only mortgages are costing more per month than rental payments. Another benefit of renting is avoiding paying service charges, which at the top end of the market could run into the tens of thousands.
The number of people renting in central London actually fell after 2001 due to fewer companies wanting properties for their staff.
House prices in London have risen so much that properties worth over £750,000 are actually cheaper to rent. Rental prices have only gone up 6% compared to a 20% increase in house prices. Even interest-only mortgages are costing more per month than rental payments. Another benefit of renting is avoiding paying service charges, which at the top end of the market could run into the tens of thousands.
The number of people renting in central London actually fell after 2001 due to fewer companies wanting properties for their staff.
posted by ew at
9:25 AM
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