Britons 'prefer home ownership'

People in Britain prefer to own their own homes and there is no chance of a culture change that will see renting being favoured instead, it has been stated.

Director of residential property agent Ludlowthompson Stephen Ludlow said that for tax reasons Britons see homes as better investments than alternatives such as pensions or investment vehicles.

The primary reason for this was the fact that home sales attracted 100 per cent tax relief, he commented, adding: "As long as that stays in place, you will always get a swing back to home ownership once you have got the fundamentals of the economy right."

People preferring not to wait for improvements in the mortgage market to take place before they seek to get on the housing ladder may explore the alternative strategy of self build.

Figures from the Bank of England earlier this week showed a fall in mortgage approvals in March to 64,000 from February's total of 72,000.


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