Generation Rent becoming Generation Buy

New figures show home-ownership increasing

After a decade-long decline, new figures released today show home-ownership is once again on the increase.

Following numerous government initiatives to give hard-working families a helping hand onto the property ladder, the number of people owning their home has been turned around with more than 14 million owner occupiers in the country last year – according to new figures released by The English Housing Survey.

The figures also detail that achieving the dream of home ownership is closer for social housing tenants, with more than half of local authority tenants and a third of housing association tenants expect to buy their current home.

Homes are also improving in standard with the number of properties failing to meet the government’s Decent Homes Standard continuing to fall and down by 3.1M on 2006.

Housing Minister Brandon Lewis said: “In 2010 there was a housing market where buyers couldn’t buy, builders couldn’t build and lenders couldn’t lend.

“Our efforts are turning that around with more than 270,000 families helped into homeownership through government-backed schemes since 2010, while the number of new homes is up 25% over the last year.

“And we’ve set out the boldest ambition for housing in a generation, doubling the budget so we can help a million more people into homeownership, while delivering a bigger, and better private rental sector.”

Housebuilding is a centre piece of the Government’s long-term economic plan, with some £20Bn committed over the next five years to achieve it’s one million homes promise.

Included in this figure is some £8Bn to deliver 400,000 affordable homes, including 200,000 Starter Homes offered for first-time buyers and 100,000 affordable homes for rent.

The latest survey also shows that the government’s decision to reinvigorate and extend its flagship Right to Buy scheme has boosted the aspiration of social housing tenants with some 42% expected to buy in 2014-15.

Since 2012, over 46,000 people have bought their home from their provider, with councils ensuring delivery of replacement properties on a one-to-one basis ahead of schedule.

An historic voluntary deal has also been reached between the Government and the National Housing Federation to extend the Right to Buy to 1.3 million housing association tenants, that will also see properties sold replaced by new build. While in London, the promise of two new build affordable homes will be delivered to replace each high value vacant local authority home sold.

 

 

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