6 Feb

home ownership

Home ownership levels remain steady in England

The number of owner-occupiers in England has remained the same for the fifth year in a row, according to the latest English Housing Survey.

However, the most up-to-date figures show that the gap between outright owners and those who still have a mortgage has narrowed.

In 2016-17, 34 percent of households owned outright while 28 percent had a mortgage; by 2017-18, the same proportion owned outright but the numbers buying with a mortgage had risen to 30 percent.

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Younger owners on the increase

The English Housing Survey maps the tenure of households across the country, estimating there are 23.2 million households, of which 14.8 million are owner-occupiers.

Owner occupation had risen steadily in England from the 1980s until its peak of 71 percent in 2003. A gradual decline since then has seen the number of homeowners drop to the current level of 64 percent.

The number of 35-44-year-olds who own their home has risen for the first time in a decade: in 2017-18, 57 percent of people in that age group were owner occupiers, up from 52 percent in the previous year.

That is a long way from the high of 71 percent of owner occupation in that age group a decade ago, with a considerable rise in the number of people of that age remaining in the private rented sector – from 13 percent in 2007-08 to 28 percent in 2017-18.

Homeward Legal has best conveyancing services for buyers and sellers

Joining those rising numbers of owner occupiers with Homeward Legal’s help. We work with top-quality conveyancing solicitors across England and Wales to deliver the best conveyancing services at the best-value price.

Talk to our team now on 0800 038 6699 to kickstart your house purchase or sale. You can also get a no-obligation quote for conveyancing services online. At Homeward Legal, we’re open seven days so are always ready to answer any of your queries.