22 Apr

Homeowner numbers drop for the first time in 100 years

Homeowner numbers drop for the first time in 100 years

The number of people across the UK who own a home they have purchased through estate agents has fallen for the first time in nearly 100 years, it has been reported by the Office for National Statistics (ONS).

According to the governmental department, the volume of people who are owner occupiers rather than tenants is currently on the decline for the first time since 1918, with the last decade seeing a drop of eight per cent.

From the end of the second World War to the turn of the millenium, home ownership grew substantially thanks to the government's Right to Buy scheme in the 80s and 90s.

However, in the last decade this has fallen from the high of 69 per cent to 61 per cent.

Matthew Pointon, property economist with Capital Economics, said that renting is set to become even more popular in years ahead thanks to low wages and high cost of buying.

"Although we expect owner-occupation will remain the most popular tenure, the home ownership rate is likely to continue to decline over the next few years."ADNFCR-1222-ID-801574900-ADNFCR

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