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Mortgages increasing making it more difficult for homeowners in London

22/01/2007

Specialists from the Office of National Statistics found out that living costs in London has increased 34 per cent more than anywhere else in the United Kingdom. This is affecting mostly the south-east residents of London and all is due to mortgages becoming more expensive.

Figures showed that families who live in London spend 500 pounds each and every week on the following; Public transport, energy usage, eating out from time to time. The data, which took place by analyses, was Londoners figures for the years 2005-2006.

The national average in UK for a mortgage is only 127 pounds, while Londoners mortgage costs today is 171 pounds per week.

Today there are loads of people trying to get on the property ladder; it makes it more difficult when rental option is at a ridiculous rate, costing 50% more than any average at 84 pounds each week in London the United Kingdoms capital.

The increase in interest rates has changed each households living expense from 443 pounds a week to 9 pounds a week more than in 2004 and 2005.