The number of people in England who own their property is expected to drop to levels not witnessed since the mid-1980's according to a recent survey.
The National Housing Federation's forecast states that just 63.8% of people will own their own home in the next decade. The cost of deposits, lack of recent house building and an unsettled market place are to balme for the decline.
The UK Government housing minister has stated that the Government is planning a massive housing reform by building new homes. We recently wrote about the shared equity schemes currently on offer which could help people get on the housing market.
The market has witnessed change across the board with some of the largest housing builders and bedroom manufacturers going into administration.
People who own their property are move likely to spend money on their bedroom, bathroom or kitchen than those who rent. This means that trading for Sliding Mirror Wardrobes could become more volitile and difficult.
Home improvement can still take place - you can improve your house with a fitted bedroom or sliding mirror wardrobe and in turn improve the quality, and value, of your house. We will likely see the fitted bedroom providers lowering their prices to encourage home owners to spend money on their house.
I'm definitely feeling this! I can't afford to put a 10% deposit down on a home so I'm stuck with renting for the foreseeable future. I would love to be able to call a house my home one day...
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ReplyDeleteThanks for your comments. The 10% deposit is the minimum these days, but most people can't afford to pay the deposit - the shared equity schemes get round this problem beautifully!
Interesting. Do you know if the same thing is happening with the housing market in the US? I am so not on top of this stuff like I should be!!
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