Home ownership levels at lowest in a decade

According to a recent report the level of homeownership in the UK has fallen to its lowest in over a decade, reflecting the difficulties that consumers are having when it comes to purchasing or holding onto a property.

Homeownership levels have now dropped to their lowest since 1998 according to government officials.

There has been a drop of round 83,000 homeowners in the UK according to data, leaving the number of homeowners at around 14.5 million. This brings the rate of homeownership to the ten year low of 69.8%.

The high cost of property has been blamed for this slide in homeownership levels, with affordability for non-homeowners having been stretched for the past few years.

According to one official from the Halifax rapid house price rises have impacted heavily on affordability.

He said: “The fall in the total number of owner-occupied households in England in 2007 largely reflects the increasing affordability difficulties faced by many potential purchasers as a result of the rapid rise in recent years.”

He also stated: “The figures for owner-occupancy clearly demonstrate that these affordability issues are most pronounced among younger people and in southern parts of England.”