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Most homeowners will be mortgage-free in 3 years

Owning outright to become the norm

A majority of homeowners will own their homes outright by 2015. Although that may sound like an encouraging turn of events it is more a sign of a broken housing market. The reason for this shift is that increasingly young people are priced out of homeownership and stuck in the rental trap. For many older and middle aged people who bought in the 1970s and 1980s homeownership has been extremely beneficial. House prices have more than trebled in the last 20 years and they have been able to gradually pay off their debts. However, the situation since the credit crunch is very different. Aspiring homeowners now face much stricter lending conditions and many are struggling to raise the necessary deposit.

According to housing information firm Hometrack, the number of homeowners without a mortgage is currently 8.6 million and there are 9.73 million with a mortgage. By 2015 it predicts these figures to 9.5 million and 9.3 million respectively.

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