Number of homeowners in England increases

March 9, 2016 by Brendan O'Neill

Home owners

A recent survey produced by the Department for Communities and Local Government indicates that the number of people who own their home has risen for the first time in 10 years.

The report shows that 63.6% of homes in England are owner-occupied, which is an increase of 5,000 compared to last year. For the first time in the last 17 years, the number of people renting privately fell, although only slightly. The figures indicate that of the private renters, fewer believe that they will be able to get on to the housing ladder in the future.

The report also shows that the age of first time buyers has increased, while the deposits are now larger than ever. In 2014-15, slightly more than half of private renters thought they would be able to buy a property at some stage in the future, a fall from 61% the previous year. According to the research, the average deposit needed to buy a home has reached £42,505. For 43% of those who believe they will be able to buy, it will take around five years to save the deposit.

Santander has produced a report which shows that the average property price will be more than £500,000 by 2030. Today, that figure is £285,000. According to the English Housing Survey, the average age of a first time buyer is now 33, an increase on the age of 31 from 10 years ago.

There are schemes and incentives available to assist first time buyers. A CeMAP qualified mortgage adviser will be able to support a first time buyer through the application.