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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (715)	9/1/2001 10:24:22 PM
From: Sam Sara	Read Replies (1) \| Respond to of 306849

Comments on following?: nvar.com

To: Tradelite who wrote (715)	9/2/2001 12:28:34 AM
From: Juster	Respond to of 306849

Who needs a mortgage anyway? 01 Sep 2001 17:15:52 BST powered by 08004homes Nearly 40% of homeowners have paid off their mortgages and seven out of 10 UK citizens are homeowners. The Bank of England yesterday announced that mortgages worth £13.5bn were arranged last month -£500m more in June. But the figures are academic in that they don't reflect the current trend towards a slowing market. There are fourteen million homeowners in the UK, an increase of four million over 20 years. 94% of people who own their homes outright are over 45 years old and 64% are retired. The official Survey of English Housing shows that 61% of owners have a mortgage which costs them an average of £77 a week. That is cheaper than renting. A private tenant paid on average of £86 during 1999/2000. The most popular home loan (for 58%) is an interest-only mortgage backed by endowment policies. 36% of people opted for a straight repayment mortgage. "The fact that 75% of the population will own their own homes in 10 years gives a great sense of responsibility to the nation. Renting on the whole gives tenants no sense of responsibility," said Dr John Wriglesworth, 08004homes' housing economist. "More people owning their homes outright means that they will be passed onto children or probably grandchildren and mostly tax free. The inheritance factor is often over-looked when economists comment on the housing market." < Previous Story Next Story > Other Property Headlines Mortgage lending falls Waiters could be losers Multiplying moving moans misdirected? Rate cuts unlikely West Ken slumps Buy-to-let to the rescue Who needs a mortgage anyway? No grazing on the fibregrass Breaking in is easy to do Mortgage monkeys mocked HP Offers at dabs.com FREE Download! Who needs a mortgage anyway? 01 Sep 2001 17:15:52 BST powered by 08004homes Nearly 40% of homeowners have paid off their mortgages and seven out of 10 UK citizens are homeowners. The Bank of England yesterday announced that mortgages worth £13.5bn were arranged last month -£500m more in June. But the figures are academic in that they don't reflect the current trend towards a slowing market. There are fourteen million homeowners in the UK, an increase of four million over 20 years. 94% of people who own their homes outright are over 45 years old and 64% are retired. The official Survey of English Housing shows that 61% of owners have a mortgage which costs them an average of £77 a week. That is cheaper than renting. A private tenant paid on average of £86 during 1999/2000. The most popular home loan (for 58%) is an interest-only mortgage backed by endowment policies. 36% of people opted for a straight repayment mortgage. "The fact that 75% of the population will own their own homes in 10 years gives a great sense of responsibility to the nation. Renting on the whole gives tenants no sense of responsibility," said Dr John Wriglesworth, 08004homes' housing economist. "More people owning their homes outright means that they will be passed onto children or probably grandchildren and mostly tax free. The inheritance factor is often over-looked when economists comment on the housing market." < Previous Story Next Story > Other Property Headlines Mortgage lending falls Waiters could be losers Multiplying moving moans misdirected? Rate cuts unlikely West Ken slumps Buy-to-let to the rescue Who needs a mortgage anyway? No grazing on the fibregrass Breaking in is easy to do Mortgage monkeys mocked excite.co.uk A view from UK