Owner occupied housing has declined since its peak in 2003, when the amount owner occupied housing stood at 71%. Since then it has continued to fall but hasn’t changed much since 2013-2014. Despite this, the characteristics have changed slightly because now there are more cash buyers and less people buying with the help of finance, according to the Government’s Housing Survey.1
Owner occupied housing still remains low with many people in the younger generation forced to continue to rent. The amount of people living in private owned accommodation has risen to 3.9 million in 2014. Lack of social housing has resulted in an increasing amount of people with children having to rent from private landlords.
Owning a property is more affordable than renting one according to a report by the property portal Zoopla3 who state that mortgage payments in the UK are 48% cheaper to buy than rent with the exception of Cambridge, London and Brighton.
They state that owning a property could give savings of up to £600 per month compared to renting. HMRC report found the same their report showed that tenants pay around £184 per month compared to the average house loan payment of £159.
If you are looking to rent or buy why not pop into your local branch of Intercounty or give our team a call on 01279655243.