Stat for the day - housing market
Thursday, November 24, 2011
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According to new research from the Bank of England young people should be prepared to rent until the age of 44. A leading member of the Bank said homeownership in Britain is set to fall sharply and the number of people forced to rent will rise. Homeownership has fallen from 70.9% in 2003 to 67.4% today with the rest of people renting.
At present, around 35,000 families are repossessed every year, but this could jump to nearly 70,000, under its ‘pessimistic’ scenario, it said. This would be close to the highest level ever recorded, only just below the all-time high of 75,500 in 1991.
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