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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Visit the Telegraph for more details and statistics
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Support Solutions 5th National Housing Support & Social Care Conference 2014 The Social and Financial return seminar was very helpful, helped me think about our approach to bidding, negotiating for funding and keeping hold of what we have! The New Technology seminar was really an eye opener- really got me thinking about potential applications for older people. P.M - Four Housing