Falling UK house prices are helping to reduce divorce rate

Posted under General by Alan

The turmoil in the property market has created a positive effect on married UK couples. It is strengthening the bond of togetherness under the weak economic climate.

The data compiled and analysed by the Office of National Statistics revealed that a surprising yet pleasant consequence of the housing price crash.  There has been a significant decline in the rate of divorce among married homeowners, in the last ten years.

Property research experts, Savills, has found a strong correlation between divorce rates and the house prices.
According to the supposition by director of research Lucian Cook, the rise in house prices made the homeowners feel that they were wealthier and could afford divorce. He predicts that falls in property prices, though unwelcome for the majority would override the downward trend of the divorce rate in the UK.

The divorce rate pertaining to the prime property market is found to be 6% of all the house sales. It significantly rises to 13% among houses costing £1m and jumps to 18% among houses costing more than £2m. Mr. Cook explained that at lower rate of property prices, there was less equity at stake whereas the stake was much more at a higher rate of property price. This difference has made couples stay together longer. The research also pointed out that the chances of divorce increased when the couples moved out of big cities and shifted to commuter belts.