The struggle for home ownership in London and the south now appears to be heading north with Manchester in particular having seen the sharpest fall in home ownership since the peak in the early 2000s according to recent reports that have grabbed the headlines of many news papers and breakfast TV.
Resolution foundation commented that homes were becoming unaffordable for many potential home buyers.
Greater Manchester is reported to have seen the proportion of home owners drop from 72 per cent in April 2003 to just 58 per cent in 2016
The metropolitan area of West Midlands along with West Yorkshire and outer London also reporting double digit falls in home ownership.
A chief economist explained the fall in home ownership could be down to income simply not keeping up with house prices and no longer having access to relatively easy credit that has been turned off.
Looking back in time and the average first time buyer paid just under £30,000 for their first home in the 1980s today a comparable property would be closer to £150,000
Data was also uncovered showing the total number of buyers has fallen by a third in the last ten years. Those who have been lucky enough to buy have done so with help from the bank of mum and dad.
The report showed home ownership in England peaked in 2003 at 71 per cent and has now dropped to 64%. Scotland peaked at 69 per cent in 2004 and now at 63%. Wales at 75% in 2006 and now down to 70% and Northern Ireland peaking in 2006 at 73% and now down to 63%.
London and the South East has seen people struggle to get on the property ladder for some time, but now appears to be a growing problem in cities across the north of England as well with Greater Manchester having seen one of the sharpest falls in home ownership with Leeds and Sheffield also reporting sharp falls.
So all this doom and gloom does not paint a rosy future for first time buyers and others keen to own a home – but there is some light at the end of the tunnel and you can find out about a new easy way to get on the property ladder and side step some of the issues that may have held you back – by simple registering on our website and get the free videos currently available.
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.