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It's harder to own your own house in Britain

It's harder to own your own house in Britain Featured

Gossip & Rumours Written by  Wednesday, 03 August 2016 06:55 font size decrease font size increase font size 0
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Rising costs have pushed ownership to the lowest level for 30 years, a new study revealed yesterday.          


More and more people are now forced to rent in the private sector, which is more expensive than a mortgage and can often be insecure, the Resolution Foundation said.

Research by the think tank found home ownership in England fell to 63.8 per cent in February, a level last seen in 1986 and down from a peak of 70.8 per cent in 2003.

It is now lower than any other country in western Europe barring Germany, foundation analyst Stephen Clarke said, with affordability cited as the biggest barrier.

The average first-time buyer paid just under £30,000 for their new home in 1986, compared to £150,000 (US$198,500) now — and earnings have failed to keep pace.

“This matters not just because of the frustration it brings for those unable to buy, but because of its impact on living standards too,” Clarke wrote in a blog posting.

“Housing costs have accounted for an increasing share of household income over recent decades.”

Property ownership has become something of a British national obsession since the 1980s, when then prime minister Margaret Thatcher allowed social housing tenants to buy their homes from the state at a reduced rate.


The government’s English Housing Survey report last month found that only one in 10 renters said they preferred their current situation to buying — most were simply priced out.

Read 1479 times Last modified on Wednesday, 03 August 2016 06:55

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