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12 December 2012

Census reveals 7% drop in home ownership

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by Gill Montia

Census reveals 7% drop in home ownership

Homelessness charity, Shelter, has been studying the latest UK census data from the Office of National Statistics which show that homeownership has fallen for the first time since records began 60 years ago.

Since 2001, homeownership overall has fallen by 7% while the proportion of homes owned with a mortgage has dropped by 15%.

According to Shelter, the shift reflects the growing trend in young people and families who are unable to get a foot on the property ladder, with rising numbers being pushed into the UK’s rapidly expanding private rental market as a result.

In fact, the proportion of homes rented privately has rocketed by 69% since 2001 and the charity argues that the next generation will be bringing up their families either in insecure rented housing, or at home with their parents.

The organisation’s chief executive, Campbell Robb, comments: “Today’s broken housing market isn’t the result of the credit crunch or mortgage lending, but decades of underinvestment in building the affordable homes we need.”

A recent YouGov poll for Shelter revealed that 44% of Britons believe their children or future children won’t be able to afford a decent home.

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