One small step (backwards)

Originally posted on my blog for Inside Housing on January 25.

More of us now rent from a private landlord than at any time since the first man walked on the moon.

Figures in the 2016/17 English Housing Survey published on Thursday show yet another rise in the proportion of households renting from a private landlord and decline in home ownership.

More than 20% of us are now private renters, the highest figure in any year since 1969, the year of Woodstock and one small step for man.

Owner-occupation declined slightly from 62.9% to 62.6% but that overall figure conceals two very different trends.

The proportion of households who own outright rose again to 34.1% while the proportion buying with a mortgage fell to just 28.4%.

To put that second figure in perspective, throughout the 1990s more than 40% of us were buying with a mortgage.

Social renting remained stable at just over 17% of households, but with the local authority share of that falling again.

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Home ownership: Decline and rise?

Originally posted on February 18 on Inside Edge 2, my blog for Inside Housing

At first sight, headline results from the English Housing Survey published on Thursday are very good news for Brandon Lewis.

As the housing minister was quick to point out, the survey shows 2014/15 was the first year since 2003 when the home ownership rate in England did not fall. And, as this graph also shows, private renting fell for the first time since 1999:


He might also have pointed to this graph showing a surprise turnaround in the tenure prospects of Generation Rent:


The fall in ownership over the last 10 years has been most marked among young people, so this increase in ownership among the 25-34s in 2014/15 and decline in private renting is a marked reversal of that trend.

On the face of it then it’s good news for ministers in their quest to revive the property-owning democracy and bad news for doom-mongers (like me). Perhaps all those dire predictions that we are on course to become a nation of private renters are wrong? Maybe Help to Buy really is working? Did Labour commission the Redfern Review into the decline of home ownership to look at a problem that no longer exists?

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