What the latest English Housing Survey told us
For the last 50 years, the English Housing Survey has been publishing yearly findings to see just what is going on with the property market as a whole. This year’s Government report was published recently and takes into account between April 2015 and March 2016.
It looks at housing circumstances of the population as well as the condition and energy efficiency of English housing - you can read the full report here. So, what were the key takeaways from this one?
There are around 22.8 million households in England and 63% of these are owner occupied. This rate has not changed since 2013-14, the peak was 71% back in 2003.
Mortgage buyers are down from 31% in 2013-14 to 29% in 2015-16 and there are more outright owners (34%). It’s believed that this is down to an ageing population and baby boomers retiring and paying off mortgages.
Private rented sector bigger than social rented sector
There has been no change in the last two years and it leaves us looking at:
- Private rented sector - 4.5 million (20%) households
- Social rented sector - 3.9 million (17%) households
The trend over the last decade has been an increase of families in private rentals - 30% to 36% (945,000 more households) - and a decrease of families using social rentals - 36% to 32% (123,000 fewer households).
According to the report, more than half of all private renters (59% and 2.6 million households) expect to buy with only a quarter (27% and 1 million households) of social renters feeling the same. The latter, however, is a 3% increase on the previous survey.
How much do we spend on housing?
It was shown that, on average, people who had a mortgage spend 18% of household income on mortgage payments with social renters spending 28% and private renters spending 35%.
Energy efficiency continues to improve across all homes
In 2005, just 5% of homes had an A-C energy efficiency rating but in 2015 this was up to 28% of dwellings. The numbers are particularly standout in the social rented sector where this number is almost half (48%).
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