Owning your home makes you happy – it’s official
Next time a homeowner curses their mortgage lender for chasing up missed payments, or their builder for a dodgy repair, remember things could be worse - they could be renting.
November 22, 2012
Government figures released by the Office for National Statistics (ONS) have revealed that homeowners are happier than renters by a wide margin. 80 percent of owner occupiers report they are satisfied with their lives, compared with 68 percent of renters. By the same token 32 percent of renters have low levels of life satisfaction, compared with just 20 percent of homeowners.
Paula Higgins, chief executive of the HomeOwners Alliance welcomed the findings and said they made sense: “if you live in your own house you are more likely to feel secure, you don’t have the insecurity of a landlord trying to put up the rent or evict you.
I think many people also appreciate being able to put roots down in an area, which is easier if you own your own house. As you get older I suspect people are comforted by the fact they have paid off their mortgage and truly own a place of their own.”
The HomeOwners Alliance report, Death of a Dream – The Crisis in Homeownership, revealed that UK homeownership slumps to lowest level in 24 years. Homeownership in the UK peaked 10 years ago before sliding to a point where a generation of young people face being locked out of the housing market for good. This slump in owner occupied properties has resulted in 1.4 million fewer homeowners than otherwise would have been the case. By 2016, that shortfall is estimated to jump to 2.4 million of unhappy people.
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Notes to Editor
1. The figures are revealed in the People – where we live chapter of the Measuring National Well-being, First Annual Report released this week by the Office of National Statistics. The report bringing together relevant economic, social and environmental statistics to show how the country is doing overall and how people’s lives are affected by circumstances.
2. The ONS found in its 2011/12 Subjective Well-being Annual Population Survey dataset (which are experimental data), a higher proportion of those who owned their property, either outright or with a mortgage, reported a medium/high level of life satisfaction (7 to 10 out of 10) than those with other tenures in the UK in 2011/12. Conversely, nearly a third (32%) of those who rented reported a low satisfaction with life (0 to 6 out of 10) compared with just under a fifth (19%) of those who owned their accommodation outright and a fifth (20%) of those who owned their accommodation with a mortgage.
About the HomeOwners Alliance
The HomeOwners Alliance champions the interests of Britain’s homeowners and aspiring homeowners, and provides services they can trust. We are a membership organisation, acting as the voice of the homeowner in the media, lobbying for the interests of homeowners and aspiring homeowners in government, and campaigning against bad practices in industry.
HomeOwners Alliance Report, Death of a Dream – The Crisis of Homeonwnership, published on 16th November 2012, found that the dream of homeownership is dying in Britain, and that the consequences are profound and long lasting: poverty among pensioner and children will rise, social inequality worsen, with more and more people face life in insecure rented accommodation.
We will directly engage with government and the media by conducting independent research and publishing reports that promote and champion the interests of homeowners. Former Housing Minister, Grant Shapps, called the HomeOwners Alliance “good news for homeowners and homeownership”.
At hoa.org.uk, we provide independent advice for the key moments in owning a home, supported by legal and industry experts. We are modelled on successful similar organisations on mainland Europe, notably in the Netherlands, Sweden and Norway.