Increase Home Ownership

Decent Essays

The increase in home ownership in the balance between the home owner and the private rental sector. Home ownership began to fall in early 2000s, and the fall has increased since then, with the decline more than 4% in the five years between 2007-2008 and 2012-2013 (Belfield et al, 2015). Due to the number increase of home ownership in the country. The people who are struggling to purchase a house are the young people. Over the last decade, there has been an increase in the proportion of younger person household in the UK. The people at age under 30 are living in privately rented properties, around 30% in 1997 to 49% in 2009. On the other hand, the percentage of young people buying their own homes with a mortgage has decreased from 43% to 29% …show more content…

Evidence shows that many tenants also fall into at least one other group considered to be at higher risk of experiencing financial exclusion. In which 25% are people over 65 years, 16% are at an age between 16-24, 16% have a disability or long-term illness, 6% are the Black and Ethnic minority, 59% of women and 72% in receipt of housing benefit. There is a difference between the generation of today and home ownership; those born later are somewhat less likely to be homeowners than their predecessor at the same stage in their life. Evidence shows that, the growth of home ownership rate with age for people born in different years. Those who are born in mid 1970 now aged in their late 30s have lower rates of home ownership than the people who were born before them (Belfield et al, 2015). Also for those who were fortunate to have bought their house under the Right to Buy scheme have a higher rate of home ownership compared to those who did not get the opportunity to do so. For those who are aged 25, have a homeowner rate of, 45% compared with 33% of those born in the 1970s cohort and only 20% in born 1980s cohort. This evidence has been suggested that this change may well out to be a permanent difference between generation rather than simply changes in the timing of house purchase due to he factor such as changing in the timing and family formation (Belfield et al, 2015; ONS,

Get Access