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Ownership Falls To Lowest Level In Nearly 20 Years


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Labour blamed as home ownership falls to lowest level in nearly 20 years while rental sector booms

Home ownership has plunged to its lowest level for nearly two decades, official figures revealed yesterday.

The research highlights the nightmare of millions of Britons, particularly the young, who may never be able to afford to buy their own home.

Just 67.9 per cent of English households own their home, the lowest percentage since 1991, according to the Government's English Housing Survey.

Buyers are being crippled by the combination of soaring house prices, modest salaries and a mortgage drought which many fear is going to get worse.

Experts warned yesterday that many people should accept that home ownership was a dream which will never become a reality.

Tory housing spokesman Grant Shapps said: 'Home ownership is falling under Labour, with the lowest number of first-time buyers since 1974 and fewer homes being built than at any time since 1946.

'The Government's housing policy has been exposed as a failure.'

Couple worrying about buying

The new figures show the lowest number of first-time buyers since 1974. (Posed by model)

As the level of ownership has plunged, the number of people forced to rent has soared.

Since 2001, an extra one million households in England are privately renting, taking the number to three million, according to the authoritative survey.

Nearly 60 per cent of those renting privately said they hoped to be able to buy in the future.

But Liz Peace, chief executive of the British Property Federation, warned millions of Britons must accept that they may be

'permanent renters'. She said: 'It is sad to say that while we would all like a Porsche and a month in Rio each year, some of us have to make do with a Toyota and a week in Majorca.

'Similarly, for many, home ownership will remain an aspiration.'

Yesterday's research comes after housing minister John Healey was criticised for saying he was 'not sure' that a fall in home ownership was 'such a bad thing'.

Mr Healey added: ' Fundamentally, we need more affordable homes.'

He said Labour would invest more than £7.5billion over the next two years to build more affordable homes to buy or rent, and to help first-time buyers onto the housing ladder.

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Their 'forced into renting' is my 'choosing not to massively overpay for a pile of sh1te where no sane person would want to live'.

Just a matter of perception, I suppose...

Ms. Peace seems to be a fully paid up member of the 'housing markets don't need customers' and the 'pent-up demand is enough to hold up prices' clubs.

People who appear to think that real estate somehow operates in a different market to other commodities - a market in which what people can afford to pay is largely irrelevant, and in which the seller will always decide what their property is 'worth'.

She and her ilk are fools, detached from the economic realities of this country.

Edited by zilly
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so many people who jsut don't get it.we have enough hosuing stock,it's jsut overpriced.

67.9% of people dont own their own home.The banks aka the UK taxpayer own most of the housing stock in never to be paid off mortgages.

Speak for yourself. We've nearly paid of our mortgage. We're on course to clear it this year although we could pay it off today if we so desired.

My parents also own their home outright, as do all my sibling's parents-in-laws.

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But Liz Peace, chief executive of the British Property Federation, warned millions of Britons must accept that they may be

'permanent renters'. She said: 'It is sad to say that while we would all like a Porsche and a month in Rio each year, some of us have to make do with a Toyota and a week in Majorca.

'Similarly, for many, home ownership will remain an aspiration.'

Great analogy, except that there are 22 million houses in the UK so it's not as though they're rare, is it? When I walk up my road you can hardly move for brick boxes with windows. Good luck keeping the purchase/rental price of something extremely abundant permanently high.

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