Topic: | We no longer have a 'Home' Housing Market | |
Posted by: | Adrian Irving | |
Date/Time: | 05/01/15 14:18:00 |
Back in the day I remember saying that the introduction of buy to let mortgages would change the face of the property market and therefore society for the worst. Mortgages used to be for people buying a home in which to live, second loans were virtually unheard of. Now we have a situation first time buyers have been squeezed out by investors, many from overseas. This has led to a situation where young people can’t afford to set up a stable home in which to bring up a family and people are delaying have families well into their late twenties and early thirty’s with all the problems that go with that. Sad, very sad but I fear we are stuck with this terrible situation. Read below, some very depressing facts. Home ownership in Britain falls to one of Europe’s lowest Written by: Rosalind Renshaw | January 5, 2015 Britain now has one of the lowest home ownership rates in Europe, it has been claimed. Figures from the EU’s official statistics bureau, Eurostat, show that home ownership in Britain in 2013 was 64.6%, down from 70% in 2005. Only France (64.3%), Denmark (63%), Austria (57.3%), Germany (52.6%) and Switzerland (44%) were lower. The average rate of home ownership in Europe is 70%, with eastern European countries having the highest rates – Romania coming top with 95.6%. On trajectory assumptions, home ownership in Britain will by now have fallen below that of France. In separate data, the Department of Communities and Local Government said that most new homes built between 2000 and 2012 had been bought by investors, not occupiers. It estimated that 2.5m new homes had been bought by landlords, and just 400,000 by owner occupiers. |