UK Money News
14th February 2008
Home ownership down for second consecutive year
The number of people who own their homes dropped by a record amount during 2007, according to government figures.
Data from the Department for Communities and Local Government (DCLG) shows that the number of owner occupiers dropped by 83,000 to 14.5 million.
This is the highest rate ever recorded and brought the rate of owner occupation nationwide to 69.8 per cent.
The fall was matched by a rise in rental households, which grew by 107,000.
Martin Ellis, chief economist at Halifax, which interpreted the figures, said the findings were a result of interest rate rises during the period and growing house prices, which were freezing potential buyers out of the market.
He said: "The fall in the total number of owner-occupied households in England in 2007 largely reflects the increasing affordability difficulties faced by many potential purchasers as a result of the rapid rise in recent years."
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