Home Tenure in the UK: A Breakdown for Homeowners
Tue 20 Feb 2024
At Pelham James, your unique estate agent in Rutland and Stamford, we're committed to keeping you informed with the latest UK property market news. Staying updated can empower you to make well-informed decisions whether you're selling or buying a home in Rutland or Stamford. Trust us to be your guide through every step of the selling and buying process, ensuring you have the most current insights and advice at your fingertips.
In a fascinating shift within our housing landscape, a significant 32.8% of households in Britain now own their homes outright, devoid of any mortgage, marking a notable rise from 23.6% in 1991. This trend underscores a growing financial stability among homeowners, contrasting sharply with the decrease in households owning homes with a mortgage, now at 28.7%, down from 42.6% three decades ago.
The fabric of our Country's housing is further diversified by the 17.1% of households in social housing (council and housing association), a decrease from 24.4% in 1991, reflecting changes in public housing policies.
Meanwhile, the private rental sector has more than doubled, with 20.3% of households renting privately, up from just 9% in 1991.
These statistics not only highlight the evolving dynamics of our country's housing market but also underscore the importance of understanding these trends for anyone looking to navigate the property landscape effectively.
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