Home ownership at 29 year low

According to the latest survey conducted by English Housing Survey, only 63% of us now live in homes we own outright or with a mortgage following the 11th successive yearly decline in home ownership.

In contrast, as homeownership fell, the private rental sector grew by 19%.

the figures show that for the first we are seeing far more outright homeowners that those owning with a mortgage, indicating how much harder it’s become to get on to the housing ladder.

The younger priced out generation is hit the hardest, as 10 years ago more than half (55.6%) of 25-34 year olds owned a home with a mortgage but now its just a third (33.7%). Over the same time proportion of 25-34 year old privately renting has more than doubled, rising from 21% to 48%.

Across England Housebuilding is at its lowest peacetime levels since the 1920s and as these prices continue to pull away from wags and deposits now averaging £30,000 the National Housing Federation fears that home ownership could soon become the preserve of only the richest in society.

with home ownership being slowly pushed further out of reach and the number of households in affordable social housing also falling over the last thirty years, more people are renting from a private landlord. they tend to find themselves trapped in a cycle of expensive short term that leave certain stability or abilities to save for a house deposit, despite how hard they work

YouGov research for the National Housing Federation showed taht almost two thirds(63%) of private renters aged 25-44 years old in Britain said they thought they would have bought their own home by now. out of all private renters, the majority (56%) say that they’ve rented for longer than planned because they have no alternative.

David Orr , chief executive of the National Housing Federation, said : “People in their thirties are seeing their chance of home ownership slip through fingers as they struggle to save for the enormous deposits and mortgage payments, no matter how hard they work. We are in danger of winding back the clock on homeowenership, as house prices continue to rise only the privileged few can only hope to affording it.

At the moment people who can’t buy a home little or no choice but a rent privately going from one short term let to another at an ever escalating cost. we believe that people should be able to have a home they can afford, which means more affordable homes to rent or buy through shared ownership and a private rental market that’s fit for purpose.

we’ve had enough of short term, gimmicky housing policies. our younger generation are having all hopes of affording , affordable homes. The  next government must produce a long term plan for housing and commit to the end the housing crisis within a generation.”

Gavin Smart , interim chief executive at the Chartered Institute of Housing, added :” The English Housing Survey is a stark demonstration of national housing crisis. its clear that the cost of housing is affecting people all over the country in particular younger generations and people living in London.

However, homeownership continued to fail in 2013-2014, while the proportion of private renters continued to rise. nearly half of all households aged between 25-34 are living in the private rented sector, a figure that has more than doubled in the last 10 years. for the first time, there are more households who owned their home outright than with a mortgage, showing just how polarised housing wealth has become.

working households who still have to reply on housing benefit has almost doubled in just five years. if radical action isnt taken now more people are going to continue to struggle and the housing benefit bill will continue to grow. Making housing more affordable means building more homes of all tenures for ownership, shared ownership, private rent and social rent. To do this we need political will, commitment and leadership, We would like all political parties to commit to ending the housing crisis within a generation, and we think the government should take a more active role in boosting housing supply

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