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News - 22 February 2012

Home ownership hits lowest level since 1980s

According to the English Housing Survey released by the Department of Communities and Local Government, the proportion of owner-occupiers in the country slumped to 66% in 2011, only marginally higher than the record low of 65.7% recorded in 1988.

The number of owner-occupiers has been in decline since 2003 when it hit 70.9%.

The survey also revealed that just 10% of homeowners are now under the age of 35, highlighting the difficulties facing first-time buyers as people struggle to find the money to climb onto the property ladder.

Meanwhile, the percentage of people who privately rent has grown to 16.5%, up from 10% a decade ago. The number of people in England now living in council or housing association homes has also risen and now stands at 17.5%.

The changing mortgage market is believed to have contributed to the changes in the way we live.

Lavinia Newman, Founder of ABDS says:

“The number of buy-to-let mortgages available has soared over the past decade, whereas lending to first-time buyers has fallen significantly since the credit crunch.”

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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