There are now a million more owner occupiers in England compared to a decade ago, latest 2021 Census data released last week reveals.

Levels of owner-occupation in England peaked in 2003 at 70.9% and fell steadily until the start of 2017 when the trend started to reverse.

OCCUPIERS

But analysis of the data by Leeds Building Society shows that this reversal has now paused – there are currently just over 15.6 million owner occupiers in England (64% of total households) out of just over 24 million households in England.

And since 2013-14 there have been more outright owners.

In 2020/21, 35% of households owned their property outright, while 30% were buying a house with a mortgage.

Leeds says that the increase in numbers owning their property outright is partly explained by an ageing population, with large numbers of ‘baby boomers’ reaching retirement age and paying off their mortgages.

MORTGAGE DEBT

The Society says that it also reflects the low mortgage rates over the last decade which have allowed many people to reduce their mortgage debt.

Meanwhile in 2021-22 the private rented sector accounted for 4.6 million (19%) of households, no change from the previous year, but lower than in 2016-17 (20%).

Throughout the 1980’s and 1990’s the proportion of private rented households was steady at around 9% to 11%.

While the sector has doubled in size since the early 2000’s, the rate has remained at around 19% to 20% since 2013-14.

We expect the desire for people to get on the housing ladder to remain.”

Andrew Cook, Senior Strategy Manager, Leeds Building Society, says: “There is little doubt that owner occupation remains the preferred housing tenure for many people.

“After a period of decline between 2003 and 2016, we are now starting to see an increase once again in the number of people owning their own homes but appreciate the ongoing challenges aspiring homeowners face.

“Housing is currently at its least affordable point since records began, we expect the desire for people to get on the housing ladder to remain. This will continue to underpin demand for housing.”