Home ownership reaches record low

‘According to a new report from the HomeOwners Alliance (HOA) home ownership in the UK has fallen to its lowest level since 1988.

The HOA says the owner-occupation rate peaked at 69.7% in 2002, but has fallen back to the current level of 64.7%.

London is the worst affected area, with just under half of the properties in the capital owner-occupied.

Paula Higgins, chief executive of the HOA, warned that the social consequences were “profound and long-lasting”.

She said poverty amongst pensioners and children would rise, social inequality would worsen, and more people would face life in rented accommodation.

The Department for Communities and Local Government said the Coalition was tackling the problem through new incentive schemes such as 5% mortgages and interest free loans for new-builds.’

The Guardian, Page; 14 The Daily Telegraph, Business, Page: 5 London Metro, Page: 9

Myfanwy Neville

Partner: Property and Construction, Sustainability and ESG

T +44 (0)20 8922 9376
E Myfanwy.Neville@bkl.co.uk

View Profile