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Research carried out by a think-tank has revealed home ownership in England is the lowest it has been for 30 years. Rising property prices have left many people with no alternative but to rent rather than buy.
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Affordability in London is hardly surprising, but what is more unexpected is the fall in home ownership in northern cities such as Sheffield and Manchester.
Average House Costs £227k
The average house price in England is now £227k, yet wages have failed to keep up with this rise and new housing supplies are also low. Young people cannot afford to buy a home and 2/3 of people living in the rental sector cite affordability as the main barrier to home ownership.
“London has a well-known and fully blown housing crisis, but the struggle to buy a home is just as big a problem in cities across the North of England,” says Stephen Clarke from the Resolution Foundation.
Rise of the PRS
Further research carried out last year by another think-tank found that 22% of households were renting from private landlords. The rise of the private rental sector (PRS) has been good for landlords in recent years and the number of people renting from private landlords is now at a 30 year high. Experts believe that further growth in the private rental sector will lead to a further decline in property ownership.
“Far from being the stepping stone it once was, many young people and families are now facing a lifetime stuck in expensive and unstable private renting,” says housing charity, Shelter.
