Homeowners' finances are 'strong and healthy'
The unmortgaged housing wealth held by UK homeowners far outweighs mortgage balances outstanding, it has been claimed.
According to an article in the Council of Mortgage Lenders' (CML) News and Views, relaunched yesterday (Tuesday, April 8th), over the last ten years unmortgaged housing wealth has more than trebled and now totals almost £2,500 billion.
The value of mortgage balances outstanding is £1,100 billion.
It was observed that many homeowners were in a strong position to cope with a change in their financial circumstances, due to the amount of unmortgaged housing equity.
The article concluded: "Data on the aggregate balance sheet position of households shows that the finances of homeowners are strong and healthy, even among those borrowing with a mortgage.
"We recognise that the financial position for individual households may vary. Overall, however, the strong reserves of wealth built up by home-owning households will underpin the finances of the vast majority in a variety of different circumstances."
Mortgages News posted on 09/04/2008 11:20:40
|
