HOME OWNERSHIP IN DECLINE AS A RESULT OF THE HOUSING CRISIS
- 02 Aug
Home ownership in England has fallen to its lowest level in 30 years since it was introduced in the 1980's during Margaret Thatcher's Conservative government.
"The growing gap between earnings and property prices has created a housing crisis that extends beyond London to cities including Manchester", reports the Guardian
The Resolution Foundation, think tank said:
"Home ownership across England reached a peak in April 2003, when 71% of households owned their home, either outright or with a mortgage, but by February this year the figure had fallen to 64%."
Report by the Resolution Foundations shows the following:
- In early 2016, 58% of households in Greater Manchester were homeowners, compared with a peak of 72% in 2003
- In outer London, the peak in ownership came in 2000, but the fall was from 72% to 58% in February
- The West Midlands and Yorkshire have also seen double-digit drops, driven by declines in Sheffield and Leeds
Policy analyst at the Resolution Foundation, Stephen Clarke, said:
"London has a well-known and fully blown housing crisis but the struggle to buy a home is just as big a problem in cities across the north of England."
An expert on housing at the thinktank, Lindsay Judge, said:
"House prices began to outpace earnings in the early 2000s.
"When the market fell so did earnings - house prices began to come down but so did people's pay or it was stagnating at best, so few people were able to make the most of falling prices."
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For more details, visit the Guardian
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