More rent than pay a mortgage in london
New figures just out show that renters in the capital outnumber homeowners for the first time in a more than a decade, government data released yesterday shows that last year 898,000 London households were occupied by private renters.
The figures, which provide data from as far back as 2005, show that a decade ago just 405,000 households were renting, while 1,150,000 were paying mortgages.
“Generation Rent” as it has become known is for the greater part made up of potential buyers who are trapped into paying high rents which give them little or no chance of ever saving up the deposit for a home of their own, or even if they do save a deposit they have little chance of satisfying the earnings to value ratio required to obtain a mortgage due to spiralling house prices.
The number of households lived in by those with mortgages has sunk to 883,000, it just shows how the high house prices are affecting home ownership in London.
In a sign that ever increasing house prices are making it ever more difficult for generation rent, the number of households lived in by those with mortgages has sunk to 883,000.
The figures, which provide data from as far back as 2005, show that a decade ago just 405,000 households were renting, while 1,150,000 were paying mortgages.
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Applicant budgets remain stable and rental prices in line with historic norms
