Home ownership has declined to 64% among households in England and Wales, with numbers of private tenants sharply up, according to the latest Office for National Statistics figures.
Working to the results of the 2011 census, the ONS says that 14.9m households owned – either outright or with a mortgage – their own homes last year, a decrease of 4% since 2001. In London, home ownership has fallen to the extent that in inner London, only just over one-third of homes are owned. In Hackney, the lowest level of home ownership in the country is recorded at just 26.1% of households.
The fall in home ownership across England and Wales is entirely due to the decline in the number of households buying through a mortgage, as figures show the number of people owning their own homes outright has gone up.
A total of 31% of the population in England and Wales now own their own home outright, compared with 29% ten years ago (7.2m compared with 6.4m).
Unsurprisingly, the number of people renting privately shot up over the same period from 1.9m to 3.6m – meaning that 15% of the population now rent, up from 9%.
The population in March 2011 was 56.1m, a 7% increase equating to 3.7m people, from 2011.
Foreign-born residents living in England and Wales increased from 4.6m in 2011 to 7.5m last year, and one in six of the total population in England and Wales were aged 65 or over (16% or 9.2m people).
Ben Thompson, managing director of Legal & General Mortgage Club, said: “Home ownership as a percentage has decreased over the last decade for a variety of reasons.
“Firstly, through the early noughties we saw rising house prices: whilst this was good for many existing home owners, it merely raised the bar too high for some first-time buyers.
“We also saw Stamp Duty levels rise significantly relative to historical levels.
“In 2007 we saw the onset of the credit crunch, and in the years that have followed mortgage availability has fallen, and in particular underwriting criteria have tightened markedly. In short, for many, it is near impossible to secure a mortgage.”
He added: “It is the private rental sector that is absorbing this shift and providing alternative rental options. Private landlords are playing a very important role at the moment and this is likely to last for some time.”
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Comments
Mark Wadsworth, - After a brief scan of your manifesto (very interesting) I notice no policy on anti corruption.
How if you came to power, would the voting public be confident that you would not bow (like the two major parties of the moment) to the undoubted lobbying power and influence of big business? I.e the big building companies (or your hated land owners)
Did you choose yellow because you feel more aligned with the libs?
A bit defeatist of you there PeeBee.To dismiss the idea because you don’t see it feasible or within the realm of the real world is a bit of a cop out as is saying that your powerless to do anything about it. You are a voter are you not?
@Claim it. 2 seconds of googling ‘ Mr Wadsworth’ would have answered your own question and saved you from looking like a complete idiot.
Mr Wadsworth
"Oh yes of course."
So you HAVE owned a property in the past. Okay - for whatever reason, then, you have, I assume, sold it and now elect to live in rented accommodation. YOUR choice, therefore, I take it.
Now... whether that choice was a good one or a bad one, you will have your own opinion... and others will no doubt beg to differ - but that matters not, as long as you are honestly satisfied with that decision and not simply trying to convince yourself.
"If you really want to "do the best" for your children and grandchildren, would you not want a world where they pay less tax, the economy is healthier, homes are a lot cheaper etc?"
Would that be an ideal world? I very much doubt that these four criteria you state could actually co-exist in the real world, Sir. Certainly they never have to date, as far as I am aware. Please correct me if I am wrong - and show us all this utopian state.
BUT, regardless of whether or not I would want your vision, it is not in my powers to make it happen. I can only live in the real world, Mr Wadsworth - not a one I dream of being a reality.
Over to you...
Mark, dont forget this is England, young peolpe do believe in the country, despite folk like you.
PeeBee "In other words, have you PREVIOSLY owned property - here or abroad (YOUR words, not mine...)?"
Oh yes of course.
If you really want to "do the best" for your children and grandchildren, would you not want a world where they pay less tax, the economy is healthier, homes are a lot cheaper etc?
In which case, tell your children and grandchildren to vote YPP :-)
In fact, you yourself personally right here and now would be better off if we were in charge, you'd be paying a lot less in tax as well. What's not to like?
Mr Wadsworth. Thank you - I shall now add "rude and nosy" to my CV. Fancy me forgetting THOSE qualities...
ANYWAY... you state "I am a tenant... I own no land or buildings anywhere in the world, no homes, nothing."
Okay, I think I get the gist of that. Having established my qualifications as rude and nosy, may I now put them to full use and be rude and nosy enough to ask a couple of further questions on from that?
Is that the answer as of today, and not yesterday? In other words, have you PREVIOSLY owned property - here or abroad (YOUR words, not mine...)?
From that, assuming that you are going to still say "no", it seems quite alien to me and probaly many others that a 'baby boomer' like yourself has not succumbed to the instinctive yearning... if not the old "An Englishmans home is his castle" shenanegans... of purchasing a home 'back in the day'.
That being the case, may I enquire, rudely and nosily, why that would be? After all - it was the thing to do... and prices were fairly affordable for a fair percentage of the population at that time, were they not?
By the way - I'm a few years older than you - but probably still younger. I have children as well (and they have their own now...), so looking after your own young is something that I can more than relate to, as I have said on here many times. I own one house - a modest semi in a half-reasonable area in the North of England - so you are not debating with an angry property magnate here.
I just don't 'get' you - and I want to be able to understand.
Thanks again for the CV tip!
So you are then, thanks.
Claim it - I think you made an assumotion that if Mr Wandworth does not own anything he must be on benefits.
Many aspiring people do not own anything they lease the cars the drive, have interset only mortgages and have all there possession on HP.
It was pride that changed angels into devils; it is humility that makes men as angels. - Saint Augustine
Claimit: "Mark do you pay your own rent or do we as tax payers pay via benefits? "
You are very rude and nosy as well!
I go out to work, pay my taxes and what's left goes on rent, same as any other tenant propping up the One Per Cent.
"Why don't you own anything? Have you no pride?"
If I may ask a few questions:
- why are you so nosy and rude?
- why do tenants have to be ashamed of themselves?
- This is classic Home-Owner-Ist brainwashing, isn't it?
Mark do you pay your own rent or do we as tax payers pay via benefits?
Why don't you own anything? Have you no pride?
@ PeeBee, you are very rude and nosy, but here goes...
"Perhaps you would share with the readers whether YOU own the home you live in, Mr Wadsworth?"
I don't. I am a tenant.
"In fact - perhaps you would go one step further and share with us all, just out of interest, the actual number of properties you actually do own?"
I own no land or buildings anywhere in the world, no homes, nothing.
"1. You're not young. In fact, NONE of the "Young People's Party" heirarchy are"
I'm 47, the others are a lot younger
" so how can you possibly claim to represent the 'young'?"
I'm not old, I've just been young longer than most young people. My kids are young. What's wrong with me sticking up for their interests?
"2. Trust me - they don't bring credibility to what you say - you destroy that perfectly well on your own..."
And being rude and nosy does exactly what for your reputation?
"3. The website makes me want to throw. Who chose that colour? Sack the berk"
The Tories have pale blue, Labour Red etc etc, so we went for bright yellow, which is the only colour left. There's no great significance to it. If you have a better idea, we'd love to hear it :-)
Hi Peebee - Who does represent the young?
At least now they now have a party to vote for, instead of three parties ignoring them!
I would rather someone tries to be a voice of the young than have them rioting in the streets?
I hate the term home ownerism....It's a vote burner but LVT looks like a good idea to me.
p.s I am one of the 64%, 31% and 15% work that one out
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Mark Wadsworth YPP:
"Indeed, it's the relentless onwards march of Home-Owner-Ism..."
Perhaps you would share with the readers whether YOU own the home you live in, Mr Wadsworth?
In fact - perhaps you would go one step further and share with us all, just out of interest, the actual number of properties you actually do own? Are you one of the 64%...? The 36%...? One of the 64% who has some of the 36% paying your mortgage for you? Or - do you aspire to being one of the latter?
Oh - and if I were you, I'd drop the letters. Just a piece of advice, based upon what I have seen -
1. You're not young. In fact, NONE of the "Young People's Party" heirarchy are - so how can you possibly claim to represent the 'young'?
2. Trust me - they don't bring credibility to what you say - you destroy that perfectly well on your own...
3. The website makes me want to throw. Who chose that colour? Sack the berk!
'.' - Can I just call you 'Dot' to avoid confusion?
Well, Dot...
"64% is talking about the perentage of people living in a hone then own. The other 36% live in a rented property, owned by those in aforementioned 64%."
Sorry - you got it WRONG... at least the last part of that sentence is.
There is no way that ALL of the 'other' 36% are owned by people who own more than one home. What about properties owned byHousing Association and other forms of Social Housing? Company homes? Halls of Residences and Student Accommodation? Nurses' Residences? The Clergy? The list goes on...
It's a census. You can put down whatever you want - no-one actually checks out your ticks. You can be an octogenarian, Rastafarian lesbian living in a rented cave with your three wives and eighteen children if you so wish to tick those particular boxes... and some numpty will just type whatever you have ticked into the computer - which then gives you these 'statistics' to do with what you wish.
Face it - the figures are billshut - and are open to dramatic misinterpretation wherever it suits.
Indeed, it's the relentless onwards march of Home-Owner-Ism, which very cleverly has as its stated policy "a wider spread of owner-occupation" but the hidden agenda is "concentrate land in as few hands as possible".
@el burro
64% is talking about the perentage of people living in a hone then own. The other 36% live in a rented property, owned by those in aforementioned 64%.
some of the 2001 / 2011 stats seem to be mislabelled? Eg number of foreign residents increased from 2011 to last year (also 2011!)
Concentrating land in an ever-decreasing number of hands? Excellent news; now our kids get to live feudalism in real life and not in some dusty text books.
Back of the net.
"Working to the results of the 2011 census, the ONS says..."
Oh, great - REAL statistics at last to chew on!
Or... are they?
Here's some more from the Census (Source: BBC News website)...
"There were four million fewer Christians in England and Wales in 2011 than 10 years earlier, the census found...
Christians in 2001: 37.3 million, or 72%
Christians in 2011: 33.2 million or 59%"
Anyone know where the 4.1 million went?
Maybe the answer lies here:
"In Wales, almost a third of people reported no religion, while the least-religious local authority area was Norwich, where 42.5% of residents reported no religion."
Shy Welsh Christians could account for a quarter of the 'drop', then - Norwich another 150k.
Maybe they fear additional taxation by admission of their religious beliefs? You know - Heaven Tax - I'm sure I read somewhere that it was in the Government's manifesto...
Or, maybe - just maybe - even 'official' statistics are as much use as t!ts on a bull?
I predict that 72% of people reading this will agree with me - but the other 46% will probably disagree.
Morning HC, bit warmer on here than outside n'est pas?
Fresh from my meeting at Pedants Anonymous last night hence my post.
The stats that would make sense of the article would be how many don't own a property and how many own more than one.
Home ownership can never be below 100%. If it has declined to 64% who owns the other 36% and what about the other 2/3 of Hackney?
I have been in hibernation mode recently, has Calamity Clegg got Dave C to introduce a new form of tenure whilst I've been away or have Apple got it all up in iCloud land?
Morning El Burro....The number of people owning homes has declined so the headline is wrong but the figures are correct. In other words fewer people own more of the property in the UK.
Point 1: Every property has to be owned by someone!
Point 2: 'The fall in home ownership across England and Wales is entirely due to the decline in the number of households buying through a mortgage, as figures show the number of people owning their own homes outright has gone up'
So home ownership hasn't fallen then.
Or do people who have paid off their mortgage not own their property any more?
Point 3: Private renting may have increased but social renting has declined, just means that more people are paying rent to private individuals other than HA's.
That's my brain exercised for the day, time for a nap . . . .