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14 Feb 08 - House Price Rises Push Up Renting
Rocketing house prices are discouraging people from buying
a home and instead pushing them towards renting, new figures
show.
Britain's biggest mortgage lender Halifax said the number
of people living in their own property in England fell by
a record 83,000 last year.
But its analysis of Government figures reveals there was
a 4.3% jump in the number of households that lived in privately
rented accommodation over the 12 months.
The group added the number of people living in their own
home has risen by 0.6% during the past five years, while
the number of people renting jumped 22.9% during the same
period.
Halifax chief economist Martin Ellis said: "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 as a result of the rapid
rise in house prices in recent years.
"The figures for owner-occupancy clearly demonstrate
that these affordability issues are most pronounced amongst
younger people and in southern parts of England."
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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