Recent Posts
- New industry-led body launched to oversee new homes quality and consumer redress
- £3.5 billion and loans announced to fix cladding scandal
- 5 top tips for hosting a virtual viewing
- First time buyers need to find £10,000 more for deposit
- Leaseholders could ‘save thousands of pounds’ under new government reforms
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
-
Sign up to our FREE weekly newsletter
for the latest news, advice and exclusive money saving offers
Leave a comment* Required