2 Feb

Lending statistics could lead to more people renting

Lending statistics could lead to more people renting

More people may look for houses to rent in 2011 due to low mortgage lending figures.

Buy to let landlords could see a boost in demand as a result of the Bank of England lending figures released today.

Total lending to individuals fell by £0.1 billion in December 2010, in addition to the 12 month growth rate which dropped by 0.1 per cent.

The number of mortgage applications approved to buy property for sale in the UK also dropped to lower than the previous six month average of 47,433.

December saw a total of 42,563 applications approved, almost 5,000 less than the average.

A smaller number of approved home loans could see more demand for houses to rent in the UK.

The Royal Institution of Chartered Surveyors (Rics) believes housing market activity will remain the same as last year in 2011.

Simon Rubinsohn, chief economist for Rics said: "With lending still constrained, and mortgage rates edging up under pressure from developments in financial markets, it is hard to see mortgage approvals picking up markedly."ADNFCR-1222-ID-800380976-ADNFCR

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