Press releases

Legal & General comment on new home ownership figures released today.

Stephen Smith - Legal & General Director of Housing & Public Affairs
Stephen Smith
Legal & General Director
Housing & Public Affairs

24 February 2011

Stephen Smith - Legal & General Director of Housing & Public Affairs
Stephen Smith
Legal & General Director
Housing & Public Affairs

The key finding is the fall in the number of owner occupiers in England, which has fallen from a peak of 14.8m to 14.5 m in 2009/10. And this goes hand in hand with the rise in the number of people living in privately rented accommodation, at 3.4m up from 2.4m in 2005/6.

Private renting as the main tenure has risen from 12.7% to 15.6% over the same period.

Stephen Smith, Director of Housing & External Affairs at Legal & General Network commented, “These figures, along with the confirmation of the fall in new home building to the lowest levels since 1924 are all part of a picture of a housing market beginning a significant change. Constrained mortgage lending results in people having fewer choices about where they live and their form of occupation, and the similar difficulties for house builders in funding their developments is probably resulting in considerable pent-up demand. Unless more homes are built, then when the economy returns to better health and consumer confidence recovers, we run the risk of house price inflation taking off again.”

Ends

Notes to editors

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.


For more information please contact:

Alyson Bowcott

Alyson Bowcott
PR Manager, Legal & General Group

t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
e: alyson.bowcott@landg.com


About Legal & General

Legal & General Group Plc.

Registered Office: 
One Coleman Street 
London 
EC2R 5AA.

Registered in England. Registered Number: 1417162.

Legal & General Group Plc is a holding company, subsidiary undertakings of which are fully authorised as appropriate under the Financial Services and Markets Act in respect of their investment activities in the UK.

© Legal & General Group Plc 2011

About Legal & General

Legal & General Assurance Society Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 166055.


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