Number of mortgage-free homeowners now outstrips those with property loan

mayonnaise

That's pretty amazing.

The number of people in the UK who own their home outright has surpassed the number of those with mortgages for the first time since the 1980s.

Of the 14.3m who own their house, 7.4m owned outright, compared to 6.9m who bought with a mortgage. Last year these two types of owner were equal, according to the latest official figures.

http://www.cityam.com/210261/uk-property-market-number-mortgage-free-homeowners-now-outstrips-those-property-loan

Another nail in the coffin of the crashtroll vultures of this world, who pray for a crash that would push countless hardworking families into negative equity and destitution so they could pick up a house on the cheap.

Hooray. :T

Generali

mayonnaise wrote: »

That's pretty amazing.

Not really. It's the logical conclusion of having very few FTBs in the market. This is just a manifestation of the mortgage market being a mess.

mayonnaise

Generali wrote: »

Not really. It's the logical conclusion of having very few FTBs in the market. This is just a manifestation of the mortgage market being a mess.

Allow me to correct you there, Generali.

First time buyer numbers have been soaring.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11418013/First-time-buyers-at-seven-year-high.html

First-time buyers have flooded back into the market while lending to other home owners continues to lag behind pre-crisis levels, according to the latest annual snapshot of the mortgage market.


Almost 311,500 first-time buyers took out a mortgage in 2014, the highest number for seven years, according to the Council of Mortgage Lenders. Its research showed lending to this group reached £45bn in 2014, only slightly behind the £47.2bn peak in 2007.

Generali

mayonnaise wrote: »

Allow me to correct you there, Generali.

First time buyer numbers have been soaring.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11418013/First-time-buyers-at-seven-year-high.html

From a very low base. In addition, FTB numbers fell for the best part of a decade.

You're measuring the contents of a guttering downpipe: as you stop the water coming in from the top, water will keep falling out of the bottom. If I start the water from the top again, the contents of the pipe will take time to increase.

purch

I'm getting a Mortgage.

I don't like being in the majority :eek:

stator

The rich get richer and the poor get poorer

michaels

Generali wrote: »

Not really. It's the logical conclusion of having very few FTBs in the market. This is just a manifestation of the mortgage market being a mess.

Is it just FTB? - surely it is more to do with transaction volumes as most who move up the ladder will increase the term of their mortgage, less moves therefore means more mortgage run-off - no?

lisyloo

Isn't it also simply people living longer and staying in their homes longer?
People tend to get assistance (even 4 times a day) rather than go into a home these days for as long as they can.
Perhaps we should call them "house blockers" :-)

Loughton_Monkey

I blame the bankers.

Seems they are making us pay off our mortgages on or before the end of the term. Quite unreasonable behaviour if you ask me....

N1AK

mayonnaise wrote: »

Allow me to correct you there, Generali.

First time buyer numbers have been soaring.

If soaring was a synonym for recovering then I'd agree entirely...

carlx

People living longer, decades of increasing house prices making it more difficult for FTB's to get on the property ladder, higher rents making it harder to save for a mortgage...

People in my parents generation were fortunate to buy a house at a relatively low price and lived throughout decades of huge property value growth and low interest rates.

As the BTL market increases and our population ages we will see this trend continue.