Increase in Mortgage Free Houses

In 2013-14 there were more properties with no mortgage against those that do in England. This is the first time the balance has tipped in such a direction. The figures have shown that of the 22.6 million households in England, 7.4 million had a mortgage free house, against 6.9 million who had a mortgage.

This information backs up the fact that the younger generation are struggling to buy their own home. In 2013-14 the amount of 25-34 year olds who were renting from private landlords stood at 48%. The figure stood at 21% in 2003-04. In the same age range the number of owner occupiers had decreased from 59% to 36%. It appears the younger generation are being forced to either live with their parents for longer or pay dead money to landlords.

Stewart Property Buyers Team