Debt advice may be needed by prospective homeowners
Debt advice may be needed by prospective homeowners
- Monday, 8 March 2010Debt management may become more pertinent for prospective homeowners, after new figures indicate that homeownership is likely to keep falling.
Government figures reveal that owner-occupation has decreased since 2005, accounting for less than 68 per cent of households in England by 2008-09, the BBC reports.
The Council of Mortgage Lenders (CML) told the news provider that homeownership will continue to be undermined by a lack of new properties and mortgage rationing.
"For the foreseeable future, the picture of continuing constraint in the flow of housing supply, and indeed housing finance supply, looks difficult to avoid," states the organisation.
First-time buyers are likely to face "significant deposit challenges" to enter the market, it added.
Recent figures from CML show that mortgage lending declined to an estimated £9.1 billion in January, falling by 32 per cent from December's figure of £13.4 billion.
This is the lowest monthly total since February 2000, when it stood at £7.9 billion, according to the report.
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