Survey shows desire for home-ownership

Britons are showing a greater desire to own their own home, according to data from the English Housing Survey.

It showed that after nearly 100 years of falling figures, the number of people renting their property from private landlords has gone up by 40 per cent in the last five years.

However, owner-occupation and seeking out the best mortgage rates remains a top priority for many, with figures from the Department for Communities and Local Government showing that 86 per cent would buy their own abode if they had the chance to.

Furthermore, nearly 50 per cent of people said that house prices in their area are currently too high, although nearly four in five owners said that they found it easy to make their monthly payments.

According to the English Housing Survey, only 11 per cent of those who own a house are under the age of 35.

Recently, the Council of Mortgage Lenders said that lending went up in May, with the organisation predicting a stable 2011 market.

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2011-07-13 09:37:30 © Moneyextra.com