English Housing Survey – More people desert home ownership to become tenants.
Old news perhaps? This recent survey published last week bolsters the already well-known fact that the rental market is very strong. However, the survey has also unearthed some interesting facts about home ownership that we wanted to share with you.
Of the 22 million households surveyed in 2011/2012, 65% were owner occupied, 17% socially rented and 17% privately rented. The total number of owner occupied homes was found to have decreased from 14.8 million to 14.4 million since 2005/2006, whereas the number of privately rented households has increased from 2.4 million to 3.8 million.
The results suggested that a total of 59% of private tenants surveyed aspired to buy their own homes than live in rented accommodation. Contrastingly, the results indicated that more households moved from the owner-occupied sector into the private sector (150,000 occupants) than did their privately rented counterparts into owner occupied homes.
Interestingly, despite tenant’s desires to move from rented accommodation into owned homes it appears that a growing number are indeed staying and being added to by new private tenants moving from home ownership into the rental sector.