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Home-ownership rates rocket in Scotland



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SCOTLAND has had the fastest growth in the number of home owners, new figures revealed today.
Estimates from the Bank of Scotland – based on official statistics – showed the number of owner occupiers in rose by 125,000 over a five-year period, going from 1.403 million in 2001 to 1.528 million in 2006. That rise of 8.9 per cent was more than three times the UK increase of 3.1 per cent.

Owner occupation levels in Scotland reached 66 per cent in 2006 – up from 64 per cent in 2001, but more than double the 31 per cent rate of 1971.

But the 2006 total was still below the UK average owner occupation rate of 70 per cent.

Chief economist at the Bank of Scotland, Martin Ellis, said: "Owner occupation has continued to rise in Scotland over the past five years. As a result, owner occupation rates are now close to the UK average."

East Renfrewshire's owner occupation rate of 86 per cent was the highest in Scotland and it was lowest in Glasgow, where the rate was 51 per cent.

There was also a rise in the number of people who own their home outright.

The number of people in this position went from 548,062 in 2001 to 694,658 in 2006.





The full article contains 223 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 17 May 2008 9:47 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
 
1

Johnnie Wilkinson,

Edinburgh 17/05/2008 14:19:22
Many of them are not home owners, they are mortgage payers, there is a difference. Effectively, the bank owns all or part of your home, until you have paid off the mortgage.
2

,

17/05/2008 15:09:13
Comment Removed By Administrator
Reason:
3

Goskun,

hame 17/05/2008 17:06:31
..then wait until we catch up with the rest of the UK and repossession kicks in...doom and gloom !!
4

Loki - The Scourge of the Schemies,

EH1 17/05/2008 17:10:44
#3 Goskun
repossession kicks in...doom and gloom !!

Only partly correct. The Home Counties crash in the 80s opened up many lucrative investments for me as so many domestic properties being auctioned could be snapped up for a song. The ones I retained have all appreciated greatly in value.
5

Johnnie Wilkinson,

Edinburgh 17/05/2008 23:25:36
Before the credit crunch, some didn't have enough money to afford the mortgages, remember last summer? Northern Rock, 5 X salary income multiples, 1005 and 125% mortgages; some were clearly based on debt; the banks did not care if some defaulted, as the debt was chopped up and sold onto the money markets where they did not shoulder the risk directly. Now they can't borrow so easily from the international markets, and therein lies the problem. And the same mortgage restrictions apply in Edinburgh as in the rest of the UK.
6

antifa,

18/05/2008 15:09:59
4 - you have money but you also have a personality disorder.

People who go on websites to boast about how rich they are have mental problems.
7

Julian,

EDINBURGH 19/05/2008 01:10:10
#6, Agreed, there's something a little bit sad about that.

#1 Johnnie,
If the banks effectively owned your home, they could tell you when to move out, how it could be decorated/renovated, block any extensions you want to build etc. etc.

IF they can't do any of that then they do not effectively own it. All they can do is throw you out if you don't pay your mortgage for 6 months; which seems fair enough.

 

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