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Home Ownership Hits Lowest Level in 30 Years

October 6, 2015

skd273191sdcHome ownership in the UK has dropped to 61%, the lowest level recorded since 1985, according to a new report published by think-tank ResPublica in partnership with Co-operatives UK.

The study found that whilst home ownership had been regularly decreasing since 2000, the emphasis in the rental sector had also undergone a major change. Thirty years ago, 30% of houses were rented from public landlords with private landlords only having a 9% hold on the market. In 2015 the situation has turned on its head, with most recent figures showing 22% of tenants now renting from private landlords and only 9% from the public sector. Phillip Blond, director of ResPublica, said, “’At the moment we are failing to extend economic ownership to everyone; ownership is an unrealisable dream for too many. It is only where there is ownership that people want to protect and care for what they own, creating a legacy for themselves, their children and their communities.”

At the recent Labour Party conference, shadow housing minister John Healey announced the launch of an independent review into the decline of home ownership across the UK chaired by Peter Redfern, chief executive of developers Taylor Wimpey. The move has been welcomed by the Council of Mortgage Lenders with the results likely to be available next summer.

You can download a copy of the ResPublica report ‘Unfinished Business – the ownership agenda 30 years on’ HERE