BRITONS are obsessed with home-ownership; but it is getting less and less common. A new note from Neal Hudson of Savills, an estate agent, points out that "the share of households owning their home peaked in 2003 at 71% [...] and has been in decline since." But the crucial point, as Mr Hudson goes on to explain, is that things look rather different when splitting up the data by age group. The chart uses data from the Council of Mortgage Lenders and shows Britain's home-ownership by age. Even seasoned watchers of Britain's housing market are surprised by how dramatic it is.
The pathetic rates of home-ownership among young people in Britain may be down to the country's crazy property prices, particularly in London where lots of young people live. (The economic problems associated with London's housing market are explained in this week's issue). And other factors, not related to prices, may be at play. More young Britons are spending a long time at...Continue reading
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