The number of homeowners in England fell to the lowest level in 29 years according to the English Housing Survey. For the first time however, more people than ever own their home outright (33%) than with a mortgage (31%).
The survey issued by the Department for Communities and Local Government also highlighted that 48% of those aged between 25 and 34 are more likely to be renting – a figure which has more than doubled since 2003/04.
Mike Hanson, Chief Executive of Stockport’s Vernon Building Society commented:
“Despite current low interest rates, house prices are putting home ownership out of the reach of many young people. Owner-occupier levels in those aged 25 to 34 are now just 36%, down from 59% at its peak, which just illustrates how the housing market has changed.”
Vernon Building Society offers a range of accessible mortgage products for first-time-buyers, including the Family Assist Mortgage, an innovative product that allows a buyer to borrow up to 100% of a property’s purchase price.
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