Homeownership Drops To Lowest Level Since Thatcher’s Right To Buy

24 November 2012 Categories: News

Homeownership Drops To Lowest Level Since Thatcher’s Right To Buy

A new organisation known as Homeowners Alliance has analysed unpublished Government statistics to show that home ownership in the UK is at its lowest level since Margret Thatcher introduced the ‘Right to Buy’ campaign in 1988. The organisation said this week that the ‘dream of owning a home in Britain is dying, undoing a century of social progress’.

The number of homeowners in Britain peaked 10 years ago at nearly 70%. Now this figure stands at just 64%, making Britain 11th in the EU home ownership table.

The analysis of the Government statistics also shows that the gap between wannabe homeowners and actual homeowners has risen to an incredible 5 million.

Obviously this news is, in a roundabout way, good news for landlords and buy to let investors as it somewhat guarantees the future of the private rental sector. Paula Higgins, chief executive of the Homeowners Alliance seems to think the inability to buy a property will have far-reaching effects though, including pensioner and child poverty, a worsening of social inequality, and an increase in the number of people ‘forced’ to live in insecure rented accommodation.

Ms Higgins also warned the Government to expect a rocketing welfare bill as more and more people turn to housing benefits in order to survive.