Home ownership levels fall to 11-year low

property in london
Image: Property in London (property division)
property in london
Image: Property in London (property division)

The number of households in England that own their homes outright has risen to 7.4 million, outnumbering the 6.9 million people who own homes with a mortgage.

The latest English Housing Survey reveals that the number of households that are living mortgage-free has overtaken those with a home loan for the first time since 1981. Of the 22.6 million households in England, 32.7% own their homes outright and 30.7% have a mortgage.

Of the households that did not have a mortgage in 2013/14, 4.5 million had a resident aged 65 and over.

However, the research also shows that just 63% households now own their homes, with or without a mortgage – the lowest rate since 1985 – and the proportion of 25 to 34-year-olds who own their own home has collapsed from 59% to 36% over the past 10 years.

The proportion of private renting households has jumped to 19.4%, compared with 12% in 1980. In London, more people now rent privately than own either outright or with a mortgage.

About the author:

John Collard was the director of the Company until December 2013 and now works part time as a Consultant. He is a law graduate and before joining Robert Holmes & Co. He had extensive experience of residential property matters, having worked in Central and South West London for the last 40 years. John is also an active Trustee of the charity Beating Bowel Cancer.
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