Owning a home is talked about as if it is something everyone should achieve. And yet there has only been a very short time historically when the majority of the population were home owners rather than renters. The peak of home ownership was 2001, not the 70s or 80s as many seem to assume when they talk about baby boomers.
"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."
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To think majority owning homes is a historical blip?
28 replies
brasty · 29/11/2016 09:23
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