Survey shows decline in home ownership has halted

 
Survey shows decline in home ownership has halted

The fall in the number of people who own their own homes across England and Wales has ground to a halt, according to a new study, which says ten years of drops in the volume of owners has been reversed as of 2015. 

In the middle of last year, Eurostat figures suggested that UK home ownership was at an all time low, with only 65 per cent of people now buying their own property as the rental market continued to become more and more popular. 

However, according to the English Housing Survey, 2015 as a whole saw a steadying of the ship, with 14 million homeowners across the nation. It said this meant that of the 22.5 million households in place across the country, the proportion of those who have purchased the property they live in was largely static. 

It was the first time since 2003, the report's authors claimed, that the number of homeowners had not dropped compared to the year before. 

In years ahead, this could be even better for home ownership figures, with the survey showing that more than half of local authority and a third of housing association tenants plan to buy their own home within the next few years. 

Housing minister Brandon Lewis said the efforts of the government to get people onto the housing ladder should not be overlooked, with its plans for building even more homes moving forward, likely to encourage even more people to buy. 

"In 2010 there was a housing market where buyers couldn’t buy, builders couldn’t build and lenders couldn’t lend. Our efforts are turning that around with more than 270,000 families helped into home ownership through government backed schemes since 2010, while the number of new homes is up 25 per cent over the last year," he said.

"And we’ve set out the boldest ambition for housing in a generation, doubling the budget so we can help a million more people into home ownership, while delivering a bigger, and better private rental sector," Mr Lewis added.