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| Decline in home ownership seen for a decade grinds to a halt | Decline in home ownership seen for a decade grinds to a halt |
| (about 9 hours later) | |
| The decline in home ownership seen for the last decade in England ground to a halt last year, according to official figures. | The decline in home ownership seen for the last decade in England ground to a halt last year, according to official figures. |
| But the number of households paying off a mortgage has continued to slip back while the number owning their home outright has increased, according to the English Housing Survey’s data. | But the number of households paying off a mortgage has continued to slip back while the number owning their home outright has increased, according to the English Housing Survey’s data. |
| Meanwhile, nearly 1 million more families with dependent children are living in private rented accommodation in England than a decade earlier. | Meanwhile, nearly 1 million more families with dependent children are living in private rented accommodation in England than a decade earlier. |
| In 2014-15, 63.6% – or 14.3m – households in England were owner occupiers, slightly up from 63.3% the previous year. Until then, the proportion of home owners had been on a downward path since reaching a peak of 70.9% in 2003. | In 2014-15, 63.6% – or 14.3m – households in England were owner occupiers, slightly up from 63.3% the previous year. Until then, the proportion of home owners had been on a downward path since reaching a peak of 70.9% in 2003. |
| Meanwhile, 19% of households – or 4.3m – rented privately and 17.4% of households – 3.9m – rented socially in 2014-15. | Meanwhile, 19% of households – or 4.3m – rented privately and 17.4% of households – 3.9m – rented socially in 2014-15. |
| The report said the recent decline in home ownership “seems to have abated”. | The report said the recent decline in home ownership “seems to have abated”. |
| The number of households owning their home outright with no mortgage overtook the number of homeowners still paying off a loan in 2013-14. | The number of households owning their home outright with no mortgage overtook the number of homeowners still paying off a loan in 2013-14. |
| This trend continued in 2014-15. Of the 14.3m homeowning households, more than half – 7.5 million – owned their home outright. | This trend continued in 2014-15. Of the 14.3m homeowning households, more than half – 7.5 million – owned their home outright. |
| In 2014-15, the average age of a first-time buyer was 33, up from 31 a decade earlier. The average first-time buyer needed a deposit of £42,505. | In 2014-15, the average age of a first-time buyer was 33, up from 31 a decade earlier. The average first-time buyer needed a deposit of £42,505. |
| Related: Fear and fury of tenants who say ‘pay to stay’ policy punishes them for working | |
| There has also been a big upswing in the proportion of families with children living in the private rented sector over the last decade, with around 1.6 million families now renting privately in England. | There has also been a big upswing in the proportion of families with children living in the private rented sector over the last decade, with around 1.6 million families now renting privately in England. |
| In 2004-5, just 30% of households in the private rented sector were families with dependent children. The increase means there are now around 912,000 more households with children in the private rented sector than a decade earlier. | In 2004-5, just 30% of households in the private rented sector were families with dependent children. The increase means there are now around 912,000 more households with children in the private rented sector than a decade earlier. |
| Campbell Robb, chief executive of Shelter, said: “These figures are a stark reminder that for millions of families and young people it’s becoming utterly impossible to create a stable future in a place they can really call home. | Campbell Robb, chief executive of Shelter, said: “These figures are a stark reminder that for millions of families and young people it’s becoming utterly impossible to create a stable future in a place they can really call home. |
| “Instead of being able to put down roots, more and more people are stuck spending vast amounts of their income on rent.” | “Instead of being able to put down roots, more and more people are stuck spending vast amounts of their income on rent.” |
| In a continuation of a trend seen from 2012-13, younger households aged 25 to 34 years old are still more likely to be renting than buying their own home, the report said. | In a continuation of a trend seen from 2012-13, younger households aged 25 to 34 years old are still more likely to be renting than buying their own home, the report said. |
| The proportion of private renters who expect to get on the property ladder has also fallen. In 2014-15, 57% of private renters said they expect to buy a home at some point, down from 61% a year earlier. | The proportion of private renters who expect to get on the property ladder has also fallen. In 2014-15, 57% of private renters said they expect to buy a home at some point, down from 61% a year earlier. |
| In 2014-15, the average rent in the private sector in England was £179 per week, which was unchanged from a year earlier. The average rent in London increased by £17 per week from a year earlier, to reach £298 per week. | In 2014-15, the average rent in the private sector in England was £179 per week, which was unchanged from a year earlier. The average rent in London increased by £17 per week from a year earlier, to reach £298 per week. |
| Matt Whittaker, chief economist at the Resolution Foundation thinktank, said: “While there is now political consensus around the strong need to support greater home ownership, it’s important that households on modest incomes, particularly those with children, don’t miss out. | Matt Whittaker, chief economist at the Resolution Foundation thinktank, said: “While there is now political consensus around the strong need to support greater home ownership, it’s important that households on modest incomes, particularly those with children, don’t miss out. |
| “And with renting set to play a bigger role, there is also a need for a new focus on steps to improve security and stability for those who may never make it onto the housing ladder.” | “And with renting set to play a bigger role, there is also a need for a new focus on steps to improve security and stability for those who may never make it onto the housing ladder.” |
| Housing minister Brandon Lewis said more than 270,000 families had been helped into home ownership through government-backed schemes since 2010. | |
| He continued: “We’ve set out the boldest ambition for housing in a generation, doubling the budget so we can help a million more people into home ownership, while delivering a bigger, and better private rental sector.” | He continued: “We’ve set out the boldest ambition for housing in a generation, doubling the budget so we can help a million more people into home ownership, while delivering a bigger, and better private rental sector.” |