Midland home ownership plummets in last 10 years
FEWER people own their own home in the West Midlands – and far more are renting from private landlords.
Home ownership is down from 63 per cent of households ten years ago to 57 per cent today.
And the proportion in privately- tended accommodation has surged from 9 per cent of households to 19 per cent.
At the same time, private sector rents have risen much faster than inflation and are now on average over £ 700 per month, the highest outside London, the SouthEast and South- West.
The figures were compiled by think tank the Human Cities Institute.
They were highlighted by Labour MP Ian Austin ( Lab Dudley North), as he called for new ideas to tackle the region’s housing crisis and enable more families to buy or rent a home of their own.
Speaking at the annual general meeting of housing association Accord Housing, the MP and former Housing Minister said £ 11 billion invested in local council pension funds in the region could be used to build homes.
He called on West Midlands mayor Andy Street to do more. He said: “I think we need a mayor who will come up with new ideas to raise funding for the homes local people need.”