/24-7PressRelease/ - LONDON, UK, May 02, 2007 - The Department for Communities and Local Government (DCLG) released a statistics stating that the number of owner occupied properties has dwindled by 25,000 in the year 2006. This has triggered alarms in the secured loan market of the UK because less number of homeowners mean less people opting for secured loans pledged against their homes.
Borrowers in UK are already drifting away from secured loans because of the risk of repossession. The drop in the number of homeowners is the first one in this figure since records started in 1939 and could indicate that property prices are so high now, that the trend is for more people to rent their home as opposed to purchasing. Home ownership levels have more than doubled over the past 50 years, but the popularity of renting from private landlords is now increasing steadily, fueling the buy-to-let mortgage market which has boomed over recent years.
One reason for the fall in ownership could be defaults on secured loans and mortgages that have lead to home loss.
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