HOW HOME OWNERSHIP HAS CHANGED IN THE UK
- 02 Sep
The demographics of home ownership has changed in the UK due to an increase in demand but a low level of supply, which has increased the value of housing
The following shows the state of the UK housing market:
- Younger people have to wait much longer than their elders did to buy their first house, due to an incessant shortage of construction
- In 1991, more 25 to 34-year-olds owned a house, now, would-be buyers require a long wait to save up the money
- The number of houses built in 2014-15 was about 150,000, a little higher than the year before but much lower than the 380,000 houses constructed in 1979-80
- By early 2015, the average price of a house was five times the average annual wage while in 1997, a house cost a little over twice the average salary, according to Trade Union Congress
- According to the Officer for National Statistics, the average UK house cost £214,000 in June this year; £24,000 more than it was at the pre-economic downturn peak in September 2007
- Over about ten years, the average cost of a house has increased 50pc, according to figures from the Office for National Statistics
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