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We need to increase the supply of housing to let more people realise their dream of owning their home
We launched this campaign with the publication of our first report on the decline in home ownership on November 16 2012. Read “The Death of a Dream” in full here
We like to see ourselves as a nation of homeowners, and homeownership is something we nearly all aspire to. Surveys show a consistent 86% who want to own the roof over our head. For many, it is the mark of adulthood. All mainstream political parties support homeownership.
But homeownership in the UK is in steady decline, and is now at the lowest level for decades. The proportion of homes that are owner occupied is down to around 65%. It is predicted to reach 60% in the next few years. For many young people, homeownership has become an impossible dream. The average age of first time buyers is 33 and rising.
The causes of this are many. But fundamentally it is because the number of new homes hasn’t kept pace with the number of new households, and as a result high house prices have made homebuying unaffordable for many.
The economic and financial consequences are serious and wide ranging. Many young people are having their dreams, and self-esteem, shattered. Research shows that people are happier owning their own home, rather than renting. Many adults are being forced to live with their parents even though they don’t want to – putting severe stress on family relationships. More limited homeownership makes us a more unequal society. With fewer people building up equity in their homes, fewer will have a big enough financial cushion for old age, putting strain on welfare systems.
The government must do all that it can to reverse the decline in homeownership. This means it must:
Have you have a story to tell about not being able to buy your own home? If so, we would like to hear from you – please email us in confidence at hello@hoa.org.uk
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice.
Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
HomeOwners Alliance Ltd is an Introducer Appointed Representative (IAR) of Seopa Ltd, for home insurance, authorised and regulated by the Financial Conduct Authority (FCA FRN: 313860).
HomeOwners Alliance Ltd is an Introducer Appointed Representative (IAR) of LifeSearch Limited, an Appointed Representative of LifeSearch Partners Ltd, authorised and regulated by the Financial Conduct Authority. (FRN: 656479).
Independent Financial Adviser service is provided by Unbiased, who match you to a fully regulated, independent financial adviser, with no charge to you for the referral.
Bridging Loan and specialist lending service provided by Chartwell Funding Limited, registered office 5 Badminton Court, Station Road, Yate, Bristol, BS37 5HZ, authorised and regulated by the Financial Conduct Authority (FRN: 458223). Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
