Lower levels of home ownership spell out difficult future for housing market
Years of increased regulation mean the UK now ranks fourth from bottom in Europe for home ownership – which could mean challenging times ahead for sellers, pressing them to explore alternative ways to sell their property.
After a steady increase in home ownership towards the tail-end of the last century, the UK is now thought by some to be in a stranglehold of steady decline thanks to the introduction of more regulations by various government departments over the last 15 years.
Statistics recently released by Eurostat have shown that levels of home ownership have dropped by over 5% since the millennium, from 69% to 64.8%, placing the country in the lowest bracket of all 28 European Union members.
Much of this decline may be also attributed to the ever-widening margin between wage levels and the price of a deposit for a new home, leaving a large percentage of the population caught in the rent trap.
And this lack of demand spells trouble for those hoping to place their house on the market and enjoy a quick house move any time soon, as the decreasing number of buyers browsing the market could potentially lead to a loss of value on their home.
If these levels continue to decline, then the average prospective UK homeowner will be facing an uphill battle to find a prospective buyer with the resources to enter negotiations.
Are you worried about selling your property? If you’re hoping for a sell house fast solution to sell your property fast, then contact National Homebuyers for advice. Call 08000 443 911 or request a call back to find out more.