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Homeownership slump lasts a decade for the first time since 1918

Britain no longer a nation of home owners

April 30, 2013

Home ownership has fallen to 64% in the UK after a 10 year tumble. Owner occupation peaked at an all time high of 69% in 2002 and has since then been on a downward trajectory. High house prices, restricted credit and falling wages have all contributed to the reduction in home owning. Owner occupation is now at the lowest level since 1988.

In the capital home owners are now a minority as London has slipped back to being a city of renters. It marks a reversal in the way Britons live. In 1918 more than three-quarters of households – 77 per cent – rented. The sharp rise in ownership accelerated from 1953 onwards, with the majority living in properties they had bought by 1971

The ONS said: ‘The rapid increase in the number of households privately renting could be linked to the decline in the number of households getting on the housing ladder, usually through a mortgage.

‘This is mainly because of the increasing difficulty for first time buyers to raise deposits for a mortgage.’

Do you want to get on the housing ladder but are finding it an impossible dream? Our series of guides outline how to raise a deposit, use government schemes to your advantage, and which mortgages are right for you

 

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