Real estate

For first time in three decades, more own their home outright than have a mortgage


The Department for Communities and Local Government's English Housing Survey for 2013-14 has revealed that the number of people who own their homes outright is higher than the number of people with a mortgage for the first time in more than three decades. The National Housing Federation said the figures showed how the younger generation had been affected by the rising market, with chief executive David Orr saying there is the danger of 'winding back the clock on home ownership, with only the privileged few having any hope of affording it'. Owner-occupiers remained the biggest sector, with 14.3m households owning outright or with a mortgage, although the number of households in private rented accommodation broke four million. The Council of Mortgage Lenders has also revealed that the number of young couples, families and professionals taking out a mortgage to get on the property ladder in Greater London has fallen for the first time in a year. First- time buyers in London borrowed £2.9bn in 12,000 loans in the last quarter, an 11% decline in value on the previous quarter and a 4% fall from the same quarter in 2013.


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