One-third in England rent rather than own
BRITAIN is losing its reputation as a home-owning nation, latest figures have revealed.
More than a third of population is now living accommodation.
The number of owner-occupied properties has fallen from 66 per cent to 64 per cent of the market in the past 10 years.
Rising prices have forced a growing number of would-be buyers – young adults in particular – to ditch or delay any hopes of getting a foot on the housing ladder.
Although a two per cent drop may not seem much, it accounts for around a million properties and 2.3 million people renting rather than owning their home.
Research was carried out by buy-tolet specialists Ascend Properties analysing government data of England’s housing stock.
In the decade from 2009 to 2019 private rented property rose from 16.4 per cent of the housing stock to 19.4 per cent.
The number of local authority and
England’s in rented housing association properties actually fell from 17.4 per cent to 16.7 per cent of all residences.
In London, landlords are still reaping the rewards of being in the most-expensive property hotspot in the country.
Just 52.3 per cent of homes are owner-occupied while 24.1 per cent are private rentals and 23.6 per cent are council or housing association
rentals. As a contrast, 70.7 per cent of properties in the South-west are owner-occupied along with 70.6 per cent of those in the South-east outside the capital.
The shift to renting suggests that young adults are leaving it later to buy their first home.This is likely to be largely financial as the higher price of property will mean it takes longer to build up enough for a deposit.
But the findings show that the clamour to become a property owner may be on the wane too.
Ascend said that a growing number of adults are happy to have the freedom to rent as it enables them to live in areas they could not otherwise afford to live in.
And some renters want to benefit from modern apartment blocks with shared facilities such as a gym or 24-hour security.
Flexibility
Ascend managing director, Ged McPartlin, said: “There’s no doubt that we are seeing a shift towards a preference to rent, if not indefinitely, then certainly until a later stage of life.
“This is being driven by issues surrounding housing affordability, with property values continuing to climb at a far higher rate than available earnings.
“It is causing aspirational homeowners to save for longer in order to get a foot on the ladder.
“However, we’re also seeing a societal change in terms of our attitudes towards renting and the freedom and flexibility it provides.”