Tuesday, July 5, 2011

Thumbs down to debt and overpriced housing

Soaring private rentals reflect pressure on first-time buyers

English housing survey finds private tenancies have risen 55% in six years as attitudes to homeownership change.

Posted by dill @ 04:46 PM (1710 views)
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5 thoughts on “Thumbs down to debt and overpriced housing

  • ontheotherhand says:

    The underlying report is a keeper for when we need data http://www.communities.gov.uk/documents/statistics/pdf/1937206.pdf

    6.8 million own their property outright, 7.7 million own with a mortgage, 3.4 million private renters (including those who get housing benefit), 3.7m social renters (local authority and housing association) (social renters’ mean weekly rent was less than half that of private renters, £75 compared with £156.)

    2.27 Respondents with a mortgage were also asked if they had experienced any difficulties keeping up with their mortgage repayments during the previous 12 months. Of those in full time work, 11% experienced some difficulty, compared to 15% of those working part time and 22% of unemployed or economically inactive HRPs.”

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  • mark wadsworth says:

    Nice bit of stat’s there.

    I don’t think attitudes to buying a house have changed in the slightest – it’s just that the cost has trebled, so what would be a good idea at £60,000 is a pretty terrible idea at £180,000.

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  • Well-spotted, otoh. And I agree with Mark (as usual). Lots of people want to own their own home, just not at current prices.

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  • Dispatches last night outlined the situation where many families live in a single house. in certain London boroughs. A couple extra can sometimes be squeezed into the “prayer room” at the bottom of the garden (= shed) at £35 a week, each.

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  • general congreve says:

    Actually I don’t think attitudes have changed. The the majority of mindless sheep would be happily sucking up even more debt to buy houses if the banks were offering it.

    “100 year mortgage? Where do I sign?”

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