More people in England now own homes outright than have a mortgage or rent them, figures reveal
More people in England now own their homes outright than have mortgages or rents, figures show, highlighting a ‘strong generation gap’ in housing
- In England, more people now own their homes than have mortgages or rent
- There are also 24.9 million homes, an increase of 8.5 percent in ten years
More people now own their homes than have a mortgage or rent.
Figures show that by 2021, 32.6 percent of homes in England will be wholly owned, up from 30.7 percent in 2011.
Another 28 percent of properties are owned with a mortgage or loan, down four percentage points from a decade earlier.
And 20 percent are rented privately, up from 3.7 percent, according to the Office for National Statistics.
In addition, 17 percent belong to social rental housing.
(Stock Image) Figures show that by 2021, 32.6 per cent of homes will be wholly owned in England
Overall, the figures showed that there will be 24.9 million homes across England by 2021, an increase of 8.5 per cent over a decade. The most common dwelling was a semi-detached house, accounting for 30 percent of all dwellings.
However, flats were more common in London, while the number of terraced houses in the capital has fallen by more than 15,000 in recent years.
On the day of the 2021 census there were more vacant houses than a decade earlier, but this may be because Covid and the lockdown restrictions led to students and tenants moving out with their families.
There were 1.5 million vacant homes in England, most of them (8 percent) in London.
Experts said the findings illustrate an aging society, with more than 11 million people in England and Wales now aged 65 or over, with half a million at least 90.
But they also point to a strong generation gap in housing.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: ‘The increased percentage of outright owner-occupied homes may seem surprising, but given our aging population this could be explained by older workers wanting to pay off their mortgages before they retire.
“The percentage of wholly owned homes grew in all areas except London – evidence of extremely high house prices.”
She added: ‘While it is good to see more people paying off their homes, it is also important to note that the percentage of people renting also continues to rise and this shows the struggle many people are fighting to get a foothold in the market. to gain ground on the housing ladder. ‘
(Stock Photo) Experts said the findings illustrate an aging society, with more than 11 million people in England and Wales now aged 65 or over, with half a million at least 90
Homeownership among young people has almost halved since the 1980s, according to a recent study, as real estate prices have vastly outpaced wage increases.
The situation has been exacerbated by an acute shortage of new construction and the desire of many older people to continue living in large single-family homes in order to leave an inheritance for their children.
Frank Young, from the Civitas think tank, said: ‘We are increasingly divided between a generation that owns their own homes and has benefited from extraordinary growth and generations that will struggle to pay off mortgages before retirement – if they get on the owner-occupied property ladder at all.’