Home ownership falls to 30-year record low

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Home ownership in England has fallen to its lowest level since 1985 despite a raft of initiatives designed to boost the number of people who own their home.

The Financial Times reports figures from the annual English housing survey show around 63 per cent of households owned their homes in 2015/16.

Renters account for almost a fifth of all households after another 250,000 households added to the number of tenants over the year.

Over the last decade, the number of households with a mortgage dropped by 1.7 million, and the number of those owning outright rose by 1.3 million.

Among 35-44 year olds the number of homeowners fell by 1.1 million.

Savills director of residential research Lucian Cook told the newspaper: “The figures show the generational divide in housing is continuing to widen, with ongoing falls in levels of mortgaged home ownership and corresponding increases in levels of private renting for households in their 20s, 30s and 40s.

“At the other end of the scale, levels of debt-free home ownership among those at or approaching retirement, who benefited from the boom in home ownership in the 20th century, continue to increase.”