House prices in the capital have reached a new high in September and is likely to exceed half a million next month according to the Land Registry.
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As house prices rise Lenders have reintroduced interest only mortgages accessed only by wealthy homeowners with large amounts of equity.
Sales of £1m plus properties are on average 11% in the first half of this year with London leading the fall according to data from Lloyds Bank.
IMLA has said the end of higher rate tax relief for buy-to-let landlords will limit the supply of rented properties and increase the rents for tenants.
House purchase loans were 9% lower for the month of August according to the CML as remortgage buyers reducing by the largest amount.
Figures from the Bank of England show UK mortgage lending has hit a new high with over 71,000 loans approved in August.
Citizen Advice has warned that one million mortgage holders have no plan on how to repay and could face repossession.
UK buy-to-let landlords are at risk to booms and busts that could magnify a housing market crash the Financial Policy Committee warns.
Data from the Office of National Statistics show house prices are rising fastest in the East and South-East of England rather than London.
The latest figures from the CML show mortgage lending of £138.6bn so far this year and £20bn for August.