LONDON: The number of homeowners in England fell by a record 83,000 last year while the number of households in rented accommodation shot up by 107,000,a survey by Britain s biggest mortgage lender showed.

The figures from HBOS Plc's Halifax suggest affordability constraints and fears of house price falls are deterring people from stepping on to the property ladder.

House prices in Britain have trebled over the last decade but have recently begun to slip in many areas. The fall in the total number of owner-occupied households in England in 2007 largely reflects the increasing affordability difficulties faced by many potential purchasers as a result of the rapid rise in house prices in recent years, said Martin Ellis yestrday, chief economist of Halifax.

He noted affordability issues were most pronounced amongst young people and in southern parts of England, where price-to-income ratios are most stretched. The rate of owner-occupancy dropped during 2007 to 69.8 percent from 70.3 per cent in 2006  the lowest rate since 1998, the survey showed. The rate was lowest among 16 to 24 year-olds, at just 18 per cent.

Source : UNI