Home ownership is still the most popular housing tenure in England, but homeowners are now older than they were 20 years ago. The latest data from the English Housing Survey also exposes one of the current weaknesses of the housing market, namely that many people want to move but cannot find a suitable property.
The survey is an annual look at how people live in England and the condition and energy efficiency of their homes and has been running in one way or another since 1967.
Most people own home outright
According to the 2016-17 survey, 14.4 million households either own their home outright or own with a mortgage, making up 63 percent of all English households.
Of those owner-occupiers, 34 percent own their home outright with 28 percent having an outstanding mortgage.
The ages of those who are homeowners has also changed over the last 20 years, again reflecting the currently difficulty for younger people in getting on the housing ladder.
According to the survey, only 9 percent of homeowners in 2016-17 were under the age of 35, a figure that has halved from the 18 percent of 1996-97.
Smaller proportion of income spent on housing costs
Those who own their homes outright are also older with 61 percent of those households having at least one member who is aged 65 or over. Only 5 percent of those with a mortgage are over the age of 65.
Those with a mortgage spend a smaller proportion of their income on housing compared to those who rent privately or from a social landlord.
Meanwhile, only 4 percent of owner-occupiers expected to move home in the next six months, but 41 percent wanted to move to a larger house or flat while 31 percent were looking to downsize.
Homeownership still the ideal
The latest English Housing Survey confirms that home ownership remains not only the most popular form of housing tenure but also still the most sought-after. Homeward Legal can help existing homeowners with their sale or purchase and also make the buying process simple and cost-effective for first-time buyers.
Talk to our expert team now on to find out how they can help or get an instant, no-obligation quote here. We offer a fixed-fee guarantee and our no-completion, no-fee offer means you won't lose out if your transaction doesn't complete for any reason.