|Theme||Housing Finance and the Economy, Housing Finance Policy|
The National Office of Statistics of the United Kingdom published a report today on long term home-ownership trends in England and Wales, as part of the 2011 census analysis. The key points of the report are:
- In 1918 the majority, or 77%, of households in England and Wales rented, with the remaining in ownership.
- From 1953 ownership started to increase at a faster rate than in previous decades and by 1971 there was an equal percentage of households owning and renting.
- Ownership continued to increase, reaching a peak of 69% in 2001, however in the last decade it has fallen to 64%.
- Within the rental sector policies following the World Wars impacted on the percentage of those socially renting. In 1918 just 1% of households socially rented and this reached a peak of 31% in 1981.
- Between 2001 and 2011, the number of households buying their homes through a mortgage fell by 749,000. Some factors that might have impacted on mortgage buyers are: high house prices, low wage growth and tighter lending requirements.
- The percentage of households renting increased in all English regions and in Wales in the decade to 2011. London had the highest percentage of renters, accounting for 50.4% of households in the region.
Link to the full report