Record fall in number of homeowners in 2007
The number of people who own their home fell by a record 83,000 in 2007, according to figures published a leading bank yesterday. There are now only 85,000 more households in England occupied by their owners than there were five years ago. The preceding five-year period, meanwhile, saw an increase of 697,000.
The decline in home ownership was particularly notable in the 16 to 44 age group, with 235,000 fewer owners occupying their properties in 2007 compared with the previous year. The figures, based on research from the Department for Communities and Local Government, also reveal a regional divide in owner occupation: while numbers in the north rose by 345,000 (5.1 per cent) between 2001 and 2006, in the south they dropped by 92,000 (-1.2 per cent) during the same period, with London bringing up the rear at 111,000 (-6.3 per cent).
The number of homes owned by buy to let landlords rose by 4.3 per cent in 2007 to just under 2.6 million, with an overall increase of 22.9 per cent (483,000) over the past five years.
Some housing analysts have warned that buy to let landlords have priced many would-be home owners out of the market.
The owner occupation rate in the UK is on a par with the US and Australia at around 70 per cent. Spain has the highest rate among advanced industrial nations at 82 per cent. In large Euro-zone nations like France (56 per cent) and Germany (45 per cent), however, it is much lower.
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