Rat and Mouse
Thu
14
Feb
Homeownership in London way down

Government figures reveal two years of falling owner-occupancy, with 2007 representing a particularly dramatic fall (the largest on record) from 70.3% to 69.8%, the lowest rate since 1998. London saw the biggest falls, by 6.3% between 2001 and 2006, and there's absolutely no reason to doubt that trend hasn't continued. More, courtesy of Citwire, here.

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Comments

With an aging population this trend will continue as people retire and cash in on their most prized assets. However, owner occupiers are hard pushed to afford many of these homes on current salaries. As a result, there is increasing demand for rental property and so more and more property investors are buying up these properties to let out. The net effect will be a continuing drop in home ownership and an increase in Lettings. We are seeing this on our own website where we have more and more people registring for property lettings by the week. It's amazing how fast it is growing over the last year as property prices have risen more and more people are choosing to rent.

http://www.heathrowlettings.com

Posted by EuGin Song at February 21, 2008 10:40 PM


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