On the 1st September 2011, it was reported that the National Housing Federation (NHF) had predicted that;
Home ownership will fall to levels of the mid 1980s.
High property prices, strict lending criteria from mortgage companies and the need for large deposits would lock millions of Britons out of the housing market.
London will be particularly affected by falling ownership. By the end of next year (2012), the number of Londoners renting their homes is expected to overtake the number of people who own their own homes for the first time in recent history.
In 2010 51.6% of Londoners owned their own homes, with the remainder renting.
It is predicted that by the end of 2012 the proportion of owners will fall to 49.9% as rising prices deter new buyers.
By 2021, the percentage owning their homes in London will be just 44%.
Across the U.K. home ownership is expected to fall to 63.8% in 2021 from a peak of 72.5% in 2001.
At present 67% of the U.K. population own their own home.
The average house price in England will rise by over a fifth over the next five years from £214,647 to £260,304 in 2016.
Oxford Economics produced these forecasts on behalf of the NHF.
The NHF then goes on to say "Steep rises are forecast in the rental sector, huge social housing waiting lists and a house price boom.- All fueled by a chronic under supply of homes.
House building has slumped to a 90 year low, plunging the country even deeper into the mire.
In 2011 just 105,000 new homes were built in England.
Plans for more than 220,000 new homes have been abandoned by local authorities since the government announced the abolition of regional house building targets last year.
These figures will no doubt surprise many people as it may not be clear as to where a boom in house prices is likely to materialise from. It is clearly not going to be from first time buyers getting a foot on the ladder.
One of the most notable figures here is that home ownership in London has actually been falling since 2001. This surely must bring the boom years into question. Back as early as the early noughties ordinary home buyers were fighting a losing battle against the landlords in the purchase of property in London.
Even though ordinary potential home buyers are many times in number compared to Landlords it is clear that the Landlords were able to buy up property much easier than the rest of us. Not so much because they had the money to buy the property but because of 'safety nets' which are in place for the landlords, such as housing benefits paying mortgages for the landlord. Obtaining mortgages was therefore easier, remains that way today and is unlikely to change without reform of the system of financing landlords or more general changes to regulations which control the pointless lending of money by financial businesses.
The figures also show that without any doubt landlords and the banks' favouritism towards them was a major part of the boom years. For home ownership to be falling all these years means landlords have been buying up at least 50% of all the homes that have been going on sale including the ones that had just been built. What kind of a boom would cause less of us to be living in our own homes? It would have to a boom of the sort that only benefits a minority of the people.
Home ownership will fall to levels of the mid 1980s.
High property prices, strict lending criteria from mortgage companies and the need for large deposits would lock millions of Britons out of the housing market.
London will be particularly affected by falling ownership. By the end of next year (2012), the number of Londoners renting their homes is expected to overtake the number of people who own their own homes for the first time in recent history.
In 2010 51.6% of Londoners owned their own homes, with the remainder renting.
It is predicted that by the end of 2012 the proportion of owners will fall to 49.9% as rising prices deter new buyers.
By 2021, the percentage owning their homes in London will be just 44%.
Across the U.K. home ownership is expected to fall to 63.8% in 2021 from a peak of 72.5% in 2001.
At present 67% of the U.K. population own their own home.
The average house price in England will rise by over a fifth over the next five years from £214,647 to £260,304 in 2016.
Oxford Economics produced these forecasts on behalf of the NHF.
The NHF then goes on to say "Steep rises are forecast in the rental sector, huge social housing waiting lists and a house price boom.- All fueled by a chronic under supply of homes.
House building has slumped to a 90 year low, plunging the country even deeper into the mire.
In 2011 just 105,000 new homes were built in England.
Plans for more than 220,000 new homes have been abandoned by local authorities since the government announced the abolition of regional house building targets last year.
These figures will no doubt surprise many people as it may not be clear as to where a boom in house prices is likely to materialise from. It is clearly not going to be from first time buyers getting a foot on the ladder.
One of the most notable figures here is that home ownership in London has actually been falling since 2001. This surely must bring the boom years into question. Back as early as the early noughties ordinary home buyers were fighting a losing battle against the landlords in the purchase of property in London.
Even though ordinary potential home buyers are many times in number compared to Landlords it is clear that the Landlords were able to buy up property much easier than the rest of us. Not so much because they had the money to buy the property but because of 'safety nets' which are in place for the landlords, such as housing benefits paying mortgages for the landlord. Obtaining mortgages was therefore easier, remains that way today and is unlikely to change without reform of the system of financing landlords or more general changes to regulations which control the pointless lending of money by financial businesses.
The figures also show that without any doubt landlords and the banks' favouritism towards them was a major part of the boom years. For home ownership to be falling all these years means landlords have been buying up at least 50% of all the homes that have been going on sale including the ones that had just been built. What kind of a boom would cause less of us to be living in our own homes? It would have to a boom of the sort that only benefits a minority of the people.
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