Buy to Let
Home ownership patterns becoming increasingly complex
Housing careers used to be a case of leaving home, buying a first home and moving up the housing ladder, but not any longer according to the Council of Mortgage Lenders (CML).
The world has changed, with more people now dipping in and out of home-ownership, owning property they do not live in, or living in property they do not own.
Research by the Council of Mortgage Lenders looks at the issues, and argues that policymakers should develop a more holistic approach to housing market issues.
As many as a fifth of first-time buyers, that is, people who are not currently home-owners, are in fact returners who have at some point in the past been home-owners. The traffic is two-way, and around 15% of people moving into private renting in 2005-6 were previously home-owners.
A significant percentage of people – around 10% – own a property that is not their current home, and this is sometimes instead of rather than in addition to their current home.
Paul Samter, CML economist, said: “Given the considerable complexities of modern life and the increasing interactions across the tenures, perhaps it is time for the government to develop a more holistic approach to housing market issues.
“A good starting point would be to focus on policies delivering an adequate supply of high-quality housing, assisting the mobility of households within and between tenures and an equality of treatment for those in need regardless of their tenure.”