UK housing market debt falls as older generations pay off mortgages

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British homeowners have been very less duty over the past decade, as more than them have been paid to their mortgage loans and have been able to take new loans for the first time.

The collective loan of the British private apartments decreased from 23.5% to 19.4% last year, according to property group savings, which also showed the total value of houses. UK first time on top of 9tn £.

The lower level of debt against the UK’s housing wealth reflects people who have their homes, controlling their homes, and for the first time buyers go to the housing ladder.

“Children’s boomers have continued to build wealth, paying their mortgage debt,” said Lucia Cook, head of insured residential research. “Millenniums and Gens have had much less chance to work on their way to the housing ladder profitably.”

The high price of apartments and the need to save for a large deposit have been forced to fear that the growing number of people are closed to the ownership of the house and are unable to collect property wealth like previous generations.

But the data also shifts to the ranks of the owners of the house, the further owners of which tend to be older, controlling the greater part of the nation’s apartments.

The cost of the houses belonging to the dragon has increased by 66% compared to 55% of mortgage loans, Savills reports.

The greater growth of the value of exclusive houses reflects the number of people paying their mortgage loans. In England, during the ideal houses, the total number of real owners increased faster than the total number of householders.

The total number of beautiful British mortgage loans in the United Kingdom decreased from 9.5 million to 8.7 billion compared to last year, according to UK finance.

New buyers are left behind, because the houses have become more and more unavailable. In England, the middle house costs seven times the average earnings in 2014 by ons. Availability in 2021 is deteriorated nine times, although it has improved until 8.25 times in 20023.

The Sir Keir Starmer government hopes to promote home ownership by adding home building building and thrown its support to the mortgage order.

The regulations that were mainly composed after the 2008 financial crisis, after the border, as many banks can provide a multiple or property value and require stress tests if borrowers are able to win.

Cook said that most of the changes in ownership are “down” and access to the household of different generations. But it also reflects the role that the mortgage status has played in limiting the increase in debt-based prices in the housing market. “

Since 2022, a sharp rise in interest rates puts mortgage loans for many households, and prompted a short immersion of houses.

In 2023, he recalled a decline for the first time in 2023 of the total value of the UK, when it began to follow in 2012.

London and the Southeast East continue to spend the largest housing, but have grown slower in recent years, as the already stretched prices also receive further profits.

Houses in two districts of London: Westminster and Kensington and Chelsea are still worth more than all the qualities in the northeast of 2024.

Last year, 341,068 were home purchases, according to Halifax, the lowest since 2017, except for 2020, when the market is frozen by valve valves.

Last year’s figure was improved in 2023, when the high interest rates for the first time the number of buyers reached the lowest. For the first time, the buyer’s second deposit amounted to 61,090 pounds in 2024, reaching 124,688 pounds in London.