Borough among highest for home ownership
WOKINGHAM ranks among the highest authorities for home ownership in England.
According to data released by Bird & Co solicitors, Wokingham has an ownership rate of 79%.
The study uses data from the Office for National Statistics ( ONS) to compare the number of homes owned, either outright or via a mortgage, against the total number of properties in each local authority
With nearly four in five homes owned, this makes Wokingham the highest for home ownership in the south east, only 3% behind Castle Point in Essex.
The figure also puts Wokingham as fourth for home ownership in England as a whole.
On the opposite end of the scale came areas like Birmingham at 55%, Manchester at 40%, and most areas in London.
Hackney took the lowest spot, with a home ownership rate of 28%.
Daniel Chard, partner at Bird & Co, said: “Home ownership rates have been a contentious topic for a number of years now, as cost of living continues to rise whilst salaries do not meet the demand.
“This is making it very tricky for particularly young people to jump on the property ladder these days.
“Despite this, it’s reassuring to see that the percentage of homes owned exceeds homes rented in most localities.
“Although a number of the houses in this equation may be second homes, we’re pleased to see that many UK citizens have made it into home ownership, despite the challenges faced.”
Currently, the average house price in Wokingham is £519,887, nearly £100,000 higher than the average for Berkshire.
House prices in Wokingham are also 55% higher than the average of £293,339 in England.
Experts believe the number of homeowners in the south east directly correlates to the number of people aged 50 and over.
The population percentage of 50+ year olds in the region is higher than England as a whole.
Generally, older individuals have more equity, and therefore more ability to afford a house, possibly explaining Wokingham’s position in the rankings.