Survey reveals England’s ageing homeowners

England’s homeowners are growing older, reflecting the current difficulty for younger people in accessing the housing market. Data from the latest English Housing Survey has revealed that owning your own home is still the most popular housing tenure.

However, in 2016-17, only 9 percent of homeowners were younger than 35, compared to 18 percent in 1996-97. And those who are lucky enough to own their home outright with no mortgage still to pay are also older than ever – 61 percent of those households who own outright have at least one member who is aged 65 or older. But only 5 percent of those with a mortgage are aged 65 or older.

The 2016-17 English Housing Survey has revealed that 14.4 million households either own outright or own with a mortgage. That’s 63 percent of all English households.

Ownership’s financial benefits

Among owner-occupiers, 34 percent have no mortgage while 28 percent are still paying off the loan they used to buy their home.

While the age profile of owner-occupiers has grown older, the financial benefits of being a homeowner are still evident – the survey shows that those who have a mortgage still don’t spend as much of their income on housing as renters, whether they are renting privately or are in social housing.

The English Housing Survey also quizzed homeowners on whether they intended to move home in the near future: only 4 percent said they expected or intended to make a move within the next six months. Of those who do want to move, 41 percent want a bigger property while 31 percent intend to downsize.

Make your move with In-Deed

Owning your own home is still the ideal for most people in England. In-Deed is on your side when you’re ready to make your move, working with expert conveyancing solicitors across England and Wales who provide cost-effective, high-quality conveyancing services that put you in control.

To find out how In-Deed can help, call our friendly team now on 0800 038 6886 or get an instant, no-obligation quote here. We’re open seven days, including bank holidays.