‘Permanent decline’ in UK home ownership By Tanya Powley ©Getty The number of young home-owning households will continue to fall over the next decade despite government initiatives to boost home ownership, a new report has warned. Just a third of young households, defined as between the ages of 25 and 34, are likely to be owner-occupiers by 2020 – half the number seen in 1993, according to the Intermediary Mortgage Lenders Association (IMLA). More ON THIS STORY More choice comes with higher loan fees Borrowers urged to complain to BoI Interest-only repayment shock Mortgage rates likely to stay low Building societies dominate best-buys IN PROPERTY & MORTGAGES The truth about house prices Growing calls to ban upfront tenancy fees Virgin Money pulls out of self-build ‘Ban upfront tenancy fees’ Its report, “Rebalancing the housing and mortgage markets – critical issues”, published on Friday, warned that the UK’s status as a nation of homeowners may be permanently diminished by the fallout from the financial crisis if market policy and regulation is left unchecked. The report, written by Professor Steve Wilcox at the University of York’s Centre for Housing Policy, highlights the continuing limits on the supply of mortgage finance, along with new Basel III capital adequacy rules and other regulatory requirements, as significant barriers to the scale of recovery which can be achieved in the current market. “There is a clear onus on lenders to ensure mortgage products are simpler to understand and provide customers with a long-term service that caters to their evolving needs,” said Peter Williams, executive director for IMLA.
Posted on: Sat, 15 Jun 2013 08:34:14 +0000
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