The gap between earnings and property prices has seen home ownership fall to its lowest levels since 2000, and is a problem that is no longer confined to London according to a new report by the Resolution Foundation thinktank.
The report, based on analysis of the latest Labour Force Survey, showed that in early 2016 only 58% of households in Greater Manchester were homeowners, compared with a peak of 72% in 2003. In outer London, the peak in ownership came earlier, in 2000, but the fall was also from 72% then to 58% in February. The West Midlands and Yorkshire have also seen double-digit drops, driven by declines in Sheffield and Leeds.
The return of mortgages for borrowers with small deposits has brought first-time buyers back to the market, but the analysis underlines how great the struggle is to meet today’s new high house prices. According to Nationwide, the UK average had risen to £196,930 in February – a 60% increase in 13 years.
We’d like you to share your experiences of home ownership, particularly if you live outside of the capital. Do you still aspire to own your own home, or have you resigned yourself to renting?
Share your experiences, and thoughts on the housing crisis in the form below. We’ll use a selection in our reporting.
