At Hunters, we care about home ownership and making sure people get the best support and guidance when looking for property. In a previous article, we examined local ownership in the north of England, so it is only natural that we also examine local ownership in the south of the country.
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.
There is a natural focus on London in the English property market
It is understandable that attention focuses on London when it comes to the property market. In recent years, there has been an argument for removing London figures when looking at the national data; such is the weight the capital has on the market. The table below indicates that London stands apart from the rest of the south and the country as a whole.
In London, only 15.4% of property is owned outright, coming in at a lower level than all other parts of the country. The level of property ownership via a mortgage is also lower in the capital than in other parts of the country, with the level of shared private renting being higher in London than elsewhere.
Even if you have a rudimentary understanding of the UK property market, these figures won’t be a surprise. London house prices are more expensive, limiting the ability to buy for many households. Even the cost of renting is prohibitive for many people, leading to a higher figure for shared private rent.
However, talking about London as a single entity would be to overlook some of the nuances of the area. There is a difference between Inner and Outer London, and it can be argued that it is the centre of London that is the most significant outlier in comparison with the rest of the nation.
Inner London has the lowest levels of outright property ownership
In the Inner London areas, only 10.7% of property was owned outright while 15% was owned via a mortgage. Shared private rent was the prominent status in Inner London, accounting for close to a quarter of the market.
Outer London figures fall in between Inner London and the rest of the country. There is a rise in outright ownership and ownership via a mortgage, while the level of shared private renting falls, although still at a higher level than in other areas of the South of England.
Ownership levels in the South East, with 28.5% owned outright and 27.8% owned via mortgage are at the higher end of the country’s figures, but it is the South West of England that has the highest level of outright ownership, coming in at 31.5%. Also, only Merseyside has a lower level of council rent than the South West of England.
It is unlikely that any of these figures will shock people, but it is good to have statistics to back up perceptions about the market. No matter where you live or look to move to in the South of England, there are important challenges to take on. If you are looking for the best standard of guidance and support, contact Hunters, and we will be happy to help you.