According to the latest data revealed from Department for Communities and Local Government (DCLG) shows marks the end of UK's property owning democracy. The European economic downturn has changed the living landscape of Britons.
Report further shows that the trend of owning a home has registered a sharp decline from 71% to 61%, which almost amounts to 14.8 million in 2005 to 14.5 million in2009 -2010.
The particular reason for this decline can be attributed to the fact that buying a home in UK today has become only remained a dream come true for few. As the time has caused much more expense, Britons, already covered by the blanket of economic crunch, have whatsoever no liquid cash to buy a home. This is true especially for the low income bracket of UK, which outgrow in population than the higher income group. So what generally these Britons do is, they seek mortgage finance. However, because of the Eurozone crisis, it has become much harder to apply for a mortgage loan and even if you are that lucky one who have got the loan, only to find yourself later dipped and chained in the mortgage debt, unable to pay the mortgage arrears.
Hence, the only option left is renting. Which is what a part of this report shows in its finding. It shows that private renting or rather renting in general has become the way of life for Britons. It shows an intense rise of private sector renting of 56% since 2004-2005.
Below is the chart/table by the Department for Communities and Local Government, helping figure out how Britons live in UK – house owning, mortgage finance or renting:
|
England's housing market
|
|||||||
|
TYPE
|
Households
|
% 2003/04
|
Total 2003/04
|
% 2009/10
|
Total 2009/10
|
% change in totals
|
|
|
TENURE
|
owned outright
|
28.5
|
6,021
|
31.3
|
6,820
|
13.3
|
|
|
TENURE
|
buying with a mortgage
|
37.7
|
8,521
|
34.4
|
7,695
|
-9.7
|
|
|
TENURE
|
all owner occupiers
|
66.2
|
14,542
|
65.7
|
14,515
|
-0.2
|
|
|
TENURE
|
local authority
|
10.8
|
2,470
|
7.4
|
1,745
|
-29.3
|
|
|
TENURE
|
housing association
|
6.3
|
1,459
|
8.2
|
1,927
|
32.1
|
|
|
TENURE
|
all social renters
|
17.1
|
3,929
|
15.6
|
3,672
|
-6.5
|
|
|
TENURE
|
rented privately unfurnished
|
4.9
|
1,513
|
8.4
|
2,621
|
73.2
|
|
|
TENURE
|
rented privately furnished
|
1.4
|
636
|
2.0
|
725
|
13.9
|
|
|
TENURE
|
all private renters
|
6.3
|
2,148
|
10.5
|
3,346
|
55.8
|
|
|
AGE
|
16-24
|
1.7
|
720
|
2.1
|
826
|
14.8
|
|
|
AGE
|
25-34
|
12.3
|
3,331
|
11.9
|
3,185
|
-4.4
|
|
|
AGE
|
35-44
|
19.1
|
4,401
|
18.2
|
4,269
|
-3.0
|
|
|
AGE
|
45-64
|
31.9
|
6,955
|
34.3
|
7,688
|
10.5
|
|
|
AGE
|
65 and over
|
24.6
|
5,212
|
25.4
|
5,565
|
6.8
|
|
|
TYPE
|
couple, no dependent children
|
33.7
|
7,544
|
34.1
|
7,831
|
3.8
|
|
|
TYPE
|
couple with dependent children
|
19.8
|
4,484
|
19.4
|
4,516
|
0.7
|
|
|
TYPE
|
lone parent and dependent children
|
5.7
|
1,369
|
6.1
|
1,521
|
11.1
|
|
|
TYPE
|
other multi-person households
|
5.3
|
1,349
|
6.9
|
1,716
|
27.2
|
|
|
TYPE
|
one person
|
25.2
|
5,873
|
25.4
|
5,949
|
1.3
|
|
|
ECONOMIC STATUS
|
full time work
|
46.6
|
11,035
|
46.7
|
11,095
|
0.5
|
|
|
ECONOMIC STATUS
|
part-time work
|
6.6
|
1,537
|
7.2
|
1,692
|
10.1
|
|
|
ECONOMIC STATUS
|
retired
|
26.9
|
5,715
|
27.2
|
5,974
|
4.5
|
|
|
ECONOMIC STATUS
|
unemployed
|
1.3
|
331
|
2.9
|
756
|
128.3
|
|
|
ECONOMIC STATUS
|
other economically inactive
|
8.1
|
1,975
|
7.7
|
2,017
|
2.1
|
|
|
TOTAL
|
Total
|
89.6
|
20,619
|
91.8
|
21,533
|
4.4
|
|
Source: DCLG
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