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Home Ownership at its Lowest Since 1986
Rising house prices and static wage growth are being blamed as two of the reasons for the lowest level in home ownership in 29 years, which have prevented more young people getting on the property ladder.
Figures published in the English House Condition Survey show that 63% of the 22.6 million households in England were owner occupied in 2013/14. During the same period 19% of households were privately rented, with the proportion of social housing remaining steady at 17%. The number of people aged between 25 and 34 renting has risen to 48% while home ownership amongst the group has dropped by almost a quarter in the last decade.
David Orr, chief executive of the National Housing Federation, is concerned that the situation is unlikely to improve under the current economic climate. “People in their thirties are seeing their chance of home ownership slip through their fingers as they struggle to save for the enormous deposits and mortgage payments, no matter how hard they work,” He told website This is Money, adding, “As house prices continue to rise, we’re in danger of winding back the clock on home ownership, with only the privileged few having any hope of affording it.” The proportion of all households in owner-occupation has declined each year since reaching a peak of 71% in 2003.
You can download the full version of the English housing survey 2013 to 2014: headline report HERE