Sharp fall in home ownership in major English cities
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: http://www.bbc.co.uk/news/business-36943134