English Housing Survey

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English Housing Survey

The government has released the latest survey results covering 2017.

 
The full report can be view here, but I have selected some of the key data below.

 

 




The level of owner occupation remains largely unchanged

Of the estimated 23.1 million households in England, 14.4m or 63% were owner occupiers.

Of these, 34% of households were outright owners and 28% were mortgagors. The number of outright owners has increased from 31% in 2014, which is in line with an aging population paying off their mortgages.

 

The proportion of owner/occupiers aged 25-44 has declined

Owner/occupiers aged 35-44 has declined from 72% in 2007 to 52% in 2017

Owner/occupiers aged 25-34 has declined from 57% in 2007 to 37% in 2017

Not surprisingly, this decline is the result of these age groups choosing to rent rather than buy. Over the same period, the number of 35-44 year olds in private rented accommodation rose from 11% to 29% and 25-34 year olds rose from 27% to 46%.

Two thirds of the private rental sector is now made up of households under the age of 44.

The private rental sector accounted for 4.7m households, or 20% in total, which has more than doubled since 2002.

 

Rent Arrears

In 2017, 9% of private renters were either currently in arrears or had been in the last 12 months. This has remained at around the same rate for the past 5 years.
 

Length of Tenure

In 2017, 50% of private renters had lived in the sector for 5 years or less, with 24% in the sector for 5-9 years and 27% for 10 years or more. The average length of tenancy in the private rented sector is now 3.9 years.

 
Condition of Properties

The report also tracks a steady improvement in the quality of housing in both the owner occupied and rental sectors.

 
This is largely due to improvements in energy efficiency, heating systems and property insulation, resulting in a corresponding decline in the number of properties considered “non-decent” or that experience issues with damp or condensation.

 
First Time Buyers

By contrast, the survey noted that there were around 671,000 first time buyers in England in 2017, with an average age of 33 years old. According to the ONS, there were 1,032,610 total property transactions in England (provisional) suggesting that first time buyers now represent more than 50% of purchasers, 64% in fact.

 
Anecdotal (CML report from October 2017) evidence based on mortgage approvals would suggest this is closer to 50% than these numbers would suggest. However, as we continue to recover from the recession, we would expect to see this percentage rise slightly.
  

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