Owner Occupancy drops sharply according to National Homebuyers

The number of owner-occupiers in England fell in 2007 as an increasing number of people struggled with financial difficulties.

[ClickPress, Tue Feb 19 2008] Halifax has reported that owner-occupancy fell by 83,000 in the year, the largest decline ever recorded.

In addition, 2007 was the second consecutive year where owner-occupancy fell.

The bank claims that much of this is down to increasing pressures which have left many people in financial difficulties.

"The fall in the total number of owner-occupied households in England in 2007 largely reflects the increasing affordability difficulties faced by many potential purchasers," said Martin Ellis, chief economist at Halifax.

"The figures for owner-occupancy clearly demonstrate that these affordability issues are most pronounced amongst younger people and in southern parts of England," he added.

Mortgage Rescue Scheme provider National Homebuyers says that there are also an increasing number of homeowners looking for a quick property sale. "Homeowning is increasingly expensive" says director Julian King.

"As more and more people are looking at alternatives to owning and living in their own home, we are experiencing an increase in enquiries from homeowners looking to sell their property and rent it back".

"The Sell and Rent Back industry is, however, unregulated, leaving many people open to conducting business with less scrupulous, smaller operators. We are calling for this industry to be regulated in order to protect the consumer" adds Mr King.

Mr King is also a founder member of APBA [the Approved Property Buyers Association] which is calling for government regulation in the quick property sale industry.

Halifax also revealed that the level of owner-occupancy fell to levels not seen since 1998, with just 69.8 per cent.

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