Investment Property News - Bueno Investments Limited

The buy-to-let market is booming as people shun buying their own property and choose to rent instead, new figures show.

Halifax said homeownership in England is now at its lowest level for 10 years after the number of people living in their own property fell by a record 83,000 during 2007.

At the same time, the number of people in privately rented accommodation jumped 4.3% during the year, while the number has rocketed 22.9% over the past five years.

In total, 14.6 million households now live in their own homes, while 2.6 million rent privately.

Martin Ellis, chief economist at Halifax, 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.”

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http://www.buenoinvestments.com/uk_property_investment.php (UK property)

http://www.halifax.co.uk/home/home.asp (Halifax)