Census Reveals Change In UK Property Ownership
The level of home ownership in England & Wales has dropped, as the number of PRS properties increase, according to data obtained from the 2011 census results.
Results of the 2011 census, published on Wednesday 5th December 2012 have underlined the falling levels of property ownership in the UK.
Many more people are choosing to live in private rented sector (PRS) properties rather than have the responsibilities and financial headaches of property owners, according to the data supplied by the Office for National Statistics (ONS).
The census results revealed that there are currently 3.6 Million rental properties occupied in England & Wales, an increase of 6% since 2001.
Economists would argue that the percentage change in property ownership is down to people still recovering from extra financial pressures exerted on consumers and property owners with the global financial meltdown that started back in 2007.
Financial institutions are still wary of lending to each other let alone trusting members of the public with unsecured funds, even if they wish to purchase appreciating assets with it.
There was some good news on the UK property front contained in the census data, it emerged that more people own their properties outright than previously recorded in the 2001 census, an increase of 2% over the decade.
The main highlights of the census concerning UK property are listed below:
- Some 64% of households – 14.9 million people – owned their own home in 2011, either with a mortgage loan, or outright.
This was a drop of 4% since 2001.
- More people owned their home outright, an increase of 2% to 31%, or 7.2 million households.
- The number of households that rented from a private landlord or letting agent increased 6% to 15%, or 3.6 million households, in 2011.
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