Sharp fall in home ownership in major English cities

Estate agents conducting fewer appraisals
RICS has reported that estate agents are conducting fewer appraisals

Analysis performed by the Resolution Foundation has found that that home ownership in England has dropped to under 64%, down from a peak of 71% in 2003. This decline is more pronounced in major cities and in particular Greater Manchester, which has seen the proportion of home owners dropping from 72% in April 2003 to 58% this year.

Matthew Whittaker, chief economist from the Resolution Foundation attributed the fall to a number of factors including a reduction in access to easy credit, the removal of 100% mortgage products from the market and the fact that incomes haven’t kept pace with house prices.

Unsurprisingly the fall in ownership has led to a rise in renting from private landlords with the proportion of private tenants rising from 11% in 2003 to 19% last year.


Full story available from BBC News:


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