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Thursday 30th of October 2008
February 29, 2008

Changing trends in UK property ownership


by Gill Montia
”Changing

Property ownership trends in the UK are changing, with new research from the Council of Mortgage Lenders (CML) suggesting that many people are no longer simply buying a house when finances permit with the aim of working their way up the property ladder.

The CML report suggests that as many as one in five first-time buyers are actually “returners”, that is to say people who have owned a property in the past but are not currently home-owners.

While some are “dipping in and out of home-ownership”, a significant minority (10 %), own a home but are not residing in it.

The number of people owning second homes in England has risen by 30% over the past decade and younger people are increasingly acting as “tenant-cum-landlords”.

This group frequently cannot afford to buy a property close to work but will get a foot on the property ladder by purchasing a house in a cheaper area, and letting it out.

Paul Samter, an economist at the CML, suggests that “given the considerable complexities of modern life and the increasing interactions across the tenures, perhaps it is time for the government to develop a more holistic approach to housing market issues”.

Meanwhile, the Cooperative Bank is suggesting that house sellers can improve their chances of a quick sale by painting the front door.

Apparently, 29% of Britons prefer a white front door, while 20% favour red. Pink is definitely to be avoided.

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Story link: Changing trends in UK property ownership


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