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October 21, 2016
Across most of the UK there is a direct correlation between homeownership levels and life expectancy according to an analysis conducted by the HomeOwners Alliance; where homeownership levels are higher, so is life expectancy.
However, homeownership levels have been declining for the past decade (peaking in 2002 at 69.7% down to 63.8% according to latest official figures from the April-June 2016 Labour Force Survey). High demand for homes is pushing house prices to unaffordable levels. Political parties, experts and the government all agree that the underlying cause of the housing crisis is that we have not been building enough new homes for decades.
Home Ownership vs. Life Expectancy graph:
Data sources:
The decline of homeownership is having and will increasingly have profound, long-lasting and adverse economic and social consequences. For example, it increases poverty among pensioners, increases social problems for children raised in insecure rented accommodation, reduces living standards among lower and middle income earners, pushes up the housing benefit bill and increases inequality. And, as our analysis shows, it also has an impact on life expectancy.
The only exception to the correlation between homeownership and life expectancy is London, where life expectancy and homeownership are not strongly linked.
Paula Higgins, CEO of HomeOwners Alliance believes, “Reversing the decline in homeownership should be one of the government’s highest priorities. We know that homeownership in this country has tangible benefits – including longer and happier lives. But the high costs mean it is out of reach for more and more people – widening the gap between the rich and the poor and fuelling social inequality. The UK urgently needs a functioning and stable housing market as the current housing situation is deeply unfair.”
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