Fall in home ownership
According to the 2011 Census released today by the ONS, the proportion of owned homes in 2011 decreased by 5 percentage points, the first fall in a century, more than half (64%, 15.0 million) of the 23.4 million households in England and Wales were owner occupied, however this was a decline from 69% in 2001.
As a consequence, there has been an increase in the proportion of rented households (31% to 36%), particularly within the private sector; private rentals rose from 12% to 18% of the housing market, whilst social rented households remained stable, falling slightly from 19% to 18%.
Renters were younger and less likely to be employed. Almost 9 in 10 (87%) HRPs aged 16-24 were renting compared with less than a quarter (24%) of those aged 65-74. Meanwhile, only 1% of HRPs who owned their house were unemployed, compared with 7% of HRPs who rented.
TUC General Secretary Frances O’Grady reportedly saidsaid:“Successive governments have not made housing a high enough policy priority. As a result we now have the most expensive and dysfunctional housing system in Europe, with millions of people living in often sub-standard private rented accommodation”
“A generation of young people face the prospect of never owning their own home. There are no longer any areas in the South of England where average house prices are less than five times the average wage.
“Selling off existing affordable homes through Right to Buy is not the way to deal with Britain’s housing crisis. With the government able to borrow at rock bottom rates it needs to get out its cheque book and start building.
“Investing in house building will pay for itself and generate thousands of jobs and apprenticeships.”
You May Also Enjoy
Does the market even need a Budget boost?
What You Need To Consider Before Diving Into Property Investments
Forget kerb appeal: LRG report reveals what really triggers a homebuyer’s offer
Prime London’s love affair with period homes continues
Industry Response to latest Nationwide House Price Index
