A cultural shift in home ownership is happening before our
eyes.
According to a NatWest economist, by 2025, the number of
mortgaged households in the UK will be just under 6m, while the number of
households in private rental accommodation will be a whisker more, at 6m. Sebastian Burnside says the cross-over will
happen in late 2024.
Burnside is reported by Property Industry Eye as saying :
“We think it’s a fairly comfortable bet that by 2025 we will have more
households renting privately than owning their homes with a mortgage, which is
a big cultural shift for a country like the UK and something that’s being
driven by those underlying demographics.”
There are already more people owning a home outright than
people buying with a mortgage, and the number of outright home owners is still
growing. Since 2013, outright home
ownership has been the biggest form of housing tenure in the UK. By 2024, about
9m households will own their homes outright.
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