5 Mar

Home ownership falls to 25 year low

Home ownership falls to 25 year low

The number of homeowners in the UK has fallen to the lowest level in 25 years, according to new figures.

Data from the English Housing Survey revealed that rising prices and stricter borrowing restrictions have impacted on the number of people on the property ladder.

The news may be welcomed by letting agents as more Brits are forced to look at rental properties, especially as the number of people in social housing is overtaken by the number of private tenants.

According to the authors of the survey, the private rental sector has nearly doubled in size in recent years due to a number of factors such as the removal of rent controls in the late 1990s and the growth of assured short hold tenancies, which offer tenants and landlords more flexibility.

There has also been an expansion in buy to let mortgages, which has enabled more people to purchase second properties as part of long-term investment plans.

Recent data from Move With Us showed that average rents increased by 0.77 per cent in January - making the average advertised rental now equal to £987 per month.ADNFCR-1222-ID-801700785-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.