Property available to rent in London, particularly in the prestigious boroughs like Kensington could keep in demand by Britons who are not able to afford a mortgage for home in the area.
As per Money.co.uk, the price of the inflation and VAT rise influences people who rent is more than those owning a house.
Increasing cost of living can hinder the potential of people to save money for a mortgage, implying property to rent in Kennington and London Boroughs may persist to be in high demand by the cash strapped Britons.
Hannah Maundrell, the website’s head of content says “The mortgage market has not yet actually opened up for so many who wish to purchase and have no choice then to keep renting.”
Tenants were recommended that if their landlords increase the rent this year, it could be thoughtful to look out for other accommodation if they cannot consent on a sensible rate.
More than 40 % landlords plan to raise the rent over the coming months this year, whereas 55 % aim to keep them the same, as found by a recent survey of Paragon Mortgages.
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