New research has discovered that home ownership across the UK is now at its lowest level in 30 years.
The growing gap between income and soaring property prices has created a fundamental imbalance in supply and demand, making it increasingly difficult for first-time buyers to secure a place on the housing ladder.
The housing crisis is spreading beyond London, with prices increasing at an unhealthy rate in regions such as Birmingham and Manchester. A housing report by the Resolution Foundation thinktank recently released information confirming that Manchester has seen the largest slump in home ownership since its peak in the early 2000s.
In contrast, April 2003 saw the highest level of home ownership, with 71% of households being on the property ladder.
Building on this data, a recent article in the Guardian states, ‘The Resolution Foundation’s analysis highlights the scale of the job faced by the prime minister, Theresa May, who has pledged to tackle the housing deficit‘.
May warned last month that unless the issue was dealt with “young people will find it even harder to afford their own home. The divide between those who inherit wealth and those who don’t will become more pronounced. And more and more of the country’s money will go into expensive housing.”
Interestingly, the latest Labour Force Survey report 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.
Stephen Clarke, policy analyst at the Resolution Foundation has gone onto say that “London has a well-known and fully blown housing crisis but the struggle to buy a home is just as big a problem in cities across the north of England.”
What we do…
At Inspired, we work exceptionally hard to help provide first-time buyers with the chance to buy a London home. We develop uniquely stylish studios and apartments, which benefit from extensive resident facilities, and yet start at less than £200,000.
Currently, we have developments in Croydon, Epsom, Sutton, Chertsey and Crawley which we are incredibly proud of.
In addition to building apartments, we have also coined the term ‘living brilliantly’. We define this by having the chance to own a home that is full of the latest home efficiencies to make your life easier, is beautifully stylish and also boasts a superb location with excellent transport links.
To find out more about our homes, please contact the team on 0208 688 6552