The History Of Mortgages
Although there are more homeowners in the UK today, that wasn’t the case centuries ago. One leading factor contributing to the increase in homeownership over the years is mortgages. But the funny thing is that mortgages are not recent solutions to home ownership. They can be traced as far back as the 12th century. Let’s look into the history of mortgages and how it has evolved over the years.
Home Ownership Boom In The 1930s-1980s
By the late 1930s, homeownership rates had increased. Unfortunately, it stalled when the Second World War began. After the war, Britain focused on replacing homes that had been destroyed during the war. While numerous challenges existed, the government built millions of council homes over the next decade.
Britain enjoyed an economic boom between the 1950s and 1960s. People were more encouraged to take out mortgages due to the low prices of homes and lower interest rates. Thanks to several social interventions and legislations in the 1970s, many Brits were more capable of buying their homes.
The Downward Spiral Of Home Ownership
Recently, obtaining a mortgage has been less accessible to many people, with stringent checks and measures in place. As a result, many young adults are forced to live with their parents despite having stable jobs and salaries.