6 industry news HOME OWNERSHIP NUMBERS
Home ownership plummeting in major urban centres, report finds
H
ome ownership in England has fallen to levels not seen since 1986, with major urban centres such as Greater
Manchester, South and West Yorkshire and the West Midlands Metropolitan area seeing the largest drops in numbers of home owners. A report by the think tank the Resolution
Foundation found these areas saw their peak in home ownership in the early 2000s, but were now seeing double digit falls. The analysis showed that “having peaked at 71 per cent in 2003, the proportion of people owning their own home across England has fallen steadily over the last decade by eight percentage points,” said the report’s authors. “It suggests that the widely reported increase
in home ownership in 2014 was likely a blip to correct a sharp fall the year before, rather than a welcome reversal of a long standing trend,” the Resolution Foundation added. The Foundation said: “While much of the
discussion around the struggle to buy a home has centred on London, Greater Manchester
has actually recorded the sharpest fall in home ownership of any major city area in the last decade or so.” In 2003, 72 per cent of households living in
Greater Manchester were owners – slightly above the English average. However, home ownership has since plummeted by 14 per cent in the area, and in 2015 only 58 per cent of Manchester residents owned their own home. The Foundation noted that people in
Greater Manchester are no more likely to own a home than people living in Outer London, and that home ownership rates have fallen below all other big northern urban areas apart from Tyne & Wear. It says falling deposit affordability has played a major role in this trend. Outer London, South and West Yorkshire,
and the West Midlands Metropolitan Area have also experienced double digit falls in home ownership since the early 2000s. There has been a corresponding rise of pri-
vate renters across England, up from 11 per cent in 2003 to 19 per cent in 2015. The proportion
of households renting privately in Greater Manchester has more than trebled over the period – from 6 per cent to 20 per cent – while Outer London and West Yorkshire have also reported double digit growth.
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