According to the latest figures from LSL Property Services, the proportion of households who own their home has dropped to its lowest level in 25 years. Meanwhile, the private rental sector appears to be going from strength to strength.
While homeowners do remain in the majority, at 65.3%, this is the lowest proportion of households since 1987.
David Newnes, director of LSL Property Services, said:
“Sales activity and prices in London are charging along at a furious pace which is dragging national house prices up on its coat tails. Take the capital out of the equation and the average rate of house price growth in England & Wales falls to 1%.”
On average, house prices have risen by £7,000 over the last year, with sales rising by 8%. LSL have calculated the average house price for January to be £227,478.
Campbell Robb, chief executive of Shelter, comments:
“As saving for a home of their own becomes increasingly out of reach, many have no choice but to live in rented homes for years on end.”
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