accommodation as homeowners
Statistics released on Thursday within the English Housing Survey in the Department for Communities and native Government, show that renting is really a way of life for increasing numbers in nearly every part of England.
With house prices still high, many delay owning their own home until they’re cash-rich. The survey shows almost another of first-time buyers are gone 35. The changing demographic means people who rent are now looking after be an older and much more affluent, with average incomes rising faster compared to those of homeowners.
The data implies that the median incomes of non-public renters grew by 11.2% from 2008 to 2011. Throughout the same period homeowners’ median incomes grew just 2.5%.
Even though travails of the London property market are very well known, the high cost of housing implies that one in four Londoners are tenants. This pattern has spread from coast to coast.
The East Midlands saw the quickest growth in private renting between 2008 and 2011, having a 44% increase in the number of households renting, closely then the north-west with a 43% rise.
There’s a widening gap in costs. Among owner-occupier households weekly mortgage repayments were, on average, 19% of the gross weekly income. Web hosting renters, weekly rent payments were normally 43% of their gross weekly income.
In cash terms mortgage repayments averaged £143 a week. This compares with average weekly rent payments of £160. The main difference, say Shelter is £75 per month.
Campbell Robb, chief executive of Shelter, said: “It’s well known that renting is quickly becoming a way of life for any whole generation of Britons locked from the housing market, and today’s figures reveal that renters are growing in number in nearly every part of England.
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