Homeownership declines as “Generation Rent” nearly doubles
As expected today’s Census publication shows that homeownership is in decline.
December 11, 2012
Home ownership (including those that own their home outright) has fallen from 69% to 64%. In Inner London more people rent than have mortgages (29.2% compared to 19.4% respectively). This echoes the HomeOwners Alliance report The Death of a Dream – The Crisis in Homeownership, published on 16th November, which first revealed that UK homeownership slumped to its lowest level in 24 years.
Paula Higgins, Chief Executive of the HomeOwners Alliance says, “The Census results make bleak reading for those people one day hoping to own a home. The trend shows that more and more people are trapped renting, with a rise from 9% to 15% – that’s nearly double what it was 10 years ago. This is despite the fact that if you live in your own home you are happier and more secure, which is better for everyone, especially if you are elderly or have children.”
She adds, “Homeownership in London is dying – the capital has more people that rent privately than own their own home. The top 10 local authorities with the highest proportion of renting households are all in London, claiming it the title “City of Renters”.
The HomeOwners Alliance, provides advice, services and campaigns to help aspiring homeowners get on the housing ladder “The fall in households with a mortgage from 39% to 33% further highlights how difficult first time buyers are finding it to raise the deposit needed to buy their first home. We think this is bad news for the hard working people of Britain that just want to own the roof over their heads and think the Government need to look hard and fast at reversing the decline”