The number of people owning their own home in England has fallen to 30-year low, and to the North of the country, least of all those who is the owner of the property.
In greater Manchester South and West Yorkshire and West Midlands the number of homeowners has fallen by half since 2000.
The analysis presented by the company Resolution Foundation shows that the number of households in England reached its peak in 2003, and then began to decline steadily, and, after experiencing a slight uptick in 2014, reduced to this day.
For example, in 2003, approximately 73% of people living in Manchester, were the owners of their own house or apartment right now the number of homeowners in Manchester was reduced to 58%. At the same time, the proportion of households renting accommodation in Manchester, has increased over the same period more than tripled from 6% in 2003 to 20% now.
In General, the trend is moving kind of possession from ownership to rentals occurs throughout the market of real estate of England, especially among young people. The average share of expenditure and financial burden in the private rental sector is higher than the burden to those who own property in mortgage. Tenants spend on paying the rent and keeping her house about 30% of the total income, and those who took a mortgage of about 23%. However, it is hard for young families to accumulate funds on Deposit with the ever-growing housing prices. Two-thirds of the tenants called the problem with the availability the main obstacle that prevents them to buy their own apartment or house in England. Every tenth tenant said that he just likes to live where he lives and only 1% of tenants stated that they like the hire because of its flexibility compared to ownership.
® Helen Entree. 28.07.2016
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