Home ownership in UK falls to lowest level in 30 yearsAug 2nd, 2016 | By Sarah Glenn | Category: Real Estate
LONDON (AP) — A new study has found that the proportion of people owning their homes in England has fallen to its lowest level in thirty years.
The Resolution Foundation study said Tuesday that soaring prices have forced millions to abandon the dream of home ownership with parts of northern and central England becoming increasingly unaffordable.
English home ownership now sits at just 63.8 percent, a level not seen since 1986.
Stephen Clarke, a policy analyst at the Resolution Foundation, says that while it is well known that London has a housing crisis, it is now clear that would-be-homeowners in cities across northern England are also struggling.
Prime Minister Theresa May says the gulf between those who inherit and those who don’t will expand if prices continue to rise.