At Hunters, we care about homes and helping people buy and sell homes. Therefore, we have an interest in local ownership figures across the country. There is no denying that house prices vary considerably across the country, with many people believing the north of England offers more affordable housing options than the south. We will look at local ownership in the north of England, and then turn our attentions to the south in a future article.
As of May 2017, 27% of UK property was owned outright, with 24.6% owned with a mortgage. 7.2% of property was rented from the local council while 12% was privately rented by an individual or household while 6.4% was shared private renting. 3.8% was social renting or living in someone else’s home while 10.8% saw a single adult living with their parents.
The housing ownership market has changed over the years
In figures compiled from Family Expenditure Survey and the Labour Force Survey, the first time outright ownership of property breached 20% came in April of 1993. At this time, 34% of homes were owned with a mortgage, 16.8% was rented from the local council while 6.4% was rented privately as an individual or household. There was 2.5% shared renting, 3.8% lived in social renting or someone else’s home while 12.6% lived in their parents’ house.
Council renting is highest in the North East
Returning to May 2017 figures, the North East has slightly fewer homes owned outright or through mortgage compared to the national average while renting from the local council is higher. 23.9% of properties were owned outright in the North East while 24.4% was owned with a mortgage. 11.5% of property was rented from the local council, and 11% was rented privately by an individual or household. There was 6% for shared private renting, there was 2.2% for social renting, and 10.8% represented single adults living a parent’s property.
In the North West, there was a fall in the number of people renting from the local council. 26.9% of homes were owned outright while 25.4% of households are owned by mortgage. This level isn’t too different from the national average or indeed the North East figures. However, with only 4.6% of homes featuring local council rent, there is a significant drop compared to numbers in the North East, although at 12.2%, private rent was higher in the North West.
The table shown above indicates uniformity across most of the aspects, with only minimal differences. Across the north of the country, it is only the North East that has more than 10% of property filled by local council renting. Even though this area features some of the most affordable property in the country, it is indicative of the economic situation facing the North East. However, a higher percentage of houses were owned outright in the North East than in Greater Manchester.
No matter where you are looking to live, you will find Hunters knows your local area. Whether you are buying, selling or letting, contact us and we will do our best to help you make your next move.