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When to buy a house – Safe as Houses

In the news recently the National Housing Federation’s independently-commissioned Oxford Economics Report predicts:  Home ownership in England will slump to just 63.8% over the next decade – the lowest level since the mid 1980s – locking an entire generation out of the housing market.  According to a new study,  huge deposits, combined with high house prices and strict lending criteria, have sent home ownership into decline in recent years and the downward trend will continue for the foreseeable future.

The Federation warned the housing market will be plunged into an unprecedented crisis as it forecast steep rises in the private rental sector, huge social housing waiting lists, and a house price boom – all fueled by a chronic under-supply of homes. 

According to Oxford Economics, who were commissioned to produce the forecasts: 
In England, the proportion of people living in owner occupied homes will fall from a peak of 72.5% in 2001 to 63.8% in 2021.

In London, the majority of people living in the capital will rent by 2021 with the number of owner occupiers falling from 51.6% in 2010 to 44% by 2021.

The North East will be the only English region to see any increase in owner occupier numbers over the next decade, rising marginally from 66.2% to 67.4%.

The average house price in England will meanwhile rise by 21.3% over the next five years from £214,647 in 2011, to £260,304 in 2016,

As investors what should you do? If you own a property hold on to it if you have the capital maybe buy to let is not such a bad idea again? Enable IFA’s in Bishop Stortford can help you talk through what to do.

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