Scunthorpe area concern that home ownership is slipping further out of people's reach
THE proportion of homes owned with a mortgage has dropped by 13 per cent in North Lincolnshire over the past 10 years.
Census figures released by the Office for National Statistics show 25,000 of the region's 70,000 homes are owned with a mortgage.
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This decrease is in sharp contrast to a change in the proportion of privately rented households in North Lincolnshire, which rose by 83 per cent between 2001 and 2011.
And residents in North Lincolnshire believe that home-ownership is becoming increasingly difficult.
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Violinist and Belton resident Alexandra Parker, 24, has had to delay buying a house while she raises enough money for a mortgage.
She said: "It is so expensive to raise enough money to afford the deposit for a mortgage.
"I think the economy has a lot to do with it. People are renting because they are not contracted for 25 years to stay in a house. That can make things worse though, because it is not easy to save for a mortgage while renting. The payments can be so high."
Lee Copperwheat, 24, bought a house with a mortgage, but has since had to move out because he cannot afford the repayments.
Lee, from Scotter, said: "I have since rented the house out and am paying to lodge with a friend. The rent payments from the house cover the mortgage repayments. It is cheaper for me to live this way."
Nationally, the proportion of homes owned with a mortgage has dropped by 15 per cent.
Graham Wilson, managing director of DDM Residential in Scunthorpe, said: "The trouble is that banks are desperate to lend money but the lending criteria is so strict.
"There has been an appetite to buy, but people need a clean credit history and the strict criteria has been a stumbling block for many.
"There has been a natural move towards renting, but hopefully the lending criteria will relax a bit this year."
Campbell Robb is chief executive of Shelter, the charity that campaigns to end homelessness and bad housing.
He said: "Home-ownership is slipping further and further out of reach in Yorkshire and the Humber, no matter how hard people work or save."
Comments
by buffering
Tuesday, January 08 2013, 8:44PM
“Many large houses are cheaper to rent than they are to buy. Plus, if you want to buy a 4/5 bed house then you'll also need a £25k-£40k deposit, but with a rental there is no such requirement.
I, personally have been a home owner (with mortgage) through the last two recessions [same house] and have seen just a very small increase in the properties real time value. If you added up the mortgage interest payments that I've made in the last twenty years and then deducted that figure from the "increased" value in the home, then I'm probably tens of thousands of pounds in loss.
So and much like the person that buys a brand new car and insists upon using Premium Plus fuel and then sells the car when it's due it's first MOT, the only person who really benefit from the expensive fuel is the person that buys that car second hand. Back to the house, the only people to really benefit from all those mortgage payments are the family that inherit it when the original buyer dies!!!!!!!
Anyway, does the survey reflect the fact that this decrease could simply be down to people paying off their mortgages....”
by IT_MAN
Tuesday, January 08 2013, 7:22PM
“englander61 got it right: No fun scrimping to buy your own house as the bubble has burst, when you get old and ill they will take the house you thought was yours to pay for your care. If you lucky enough to get a housing association property as already stated you get everything for free including your care in a residential care home. How can we sell our properties to housing association then rent it back?”
by englander61
Tuesday, January 08 2013, 4:38PM
“Housing associations are to blame partly for down turn in house sales ,Lack of job security another as people are still losing their houses , Housing associations as you get all upgrades new kitchen boiler shower drive , solar panels insulation elct . Workers who buy have to scrimp and scrape to get all these , Forgo holidays abroad to pay for these things house insurance , If you come out of work you can lose the lot , With housing association life is much easier benefits will cover your rent , While house owners left to struggle .Now with influx of people coming into country houses are getting harder to come by .”
by TFiLive
Tuesday, January 08 2013, 11:44AM
“There's a very good reason while rentals rose sharply - take a good look at the East European influence”