As house prices continue to increase, home Ownership in England has fallen to its lowest level for 30 years, according to new research.
These factors have led to many people renting from private landlords, reveals think-tank Resolution Foundation.
Greater Manchester has seen the greatest decline in home ownership, with levels falling by 14.5% from their peak in April 2003, when figures were 72.4%, to just 57.9% in February this year.
Other areas which have seen ownership decline significantly include Sheffield and Leeds which have both seen double digit falls.
Ownership levels also decreased in outer London to just below 58% – a fall of 13.5%.
However, the report from the think-tank is positive news for the private rented sector and landlords will have a larger pool of tenants to choose from.
“With demand increasing for rental properties, landlords have more of a choice when letting out their properties. It is important that landlords take the time to understand their tenants backgrounds by carrying our referencing checks,” said a spokesperson for Discount Landlord.
Stephen Clarke, policy analyst at the Resolution Foundation, said: “The fall in homeownership levels has coincided with a significant increase in the number of people renting from private landlords, which is now at a 30-year high.”
A report from another think-tank, ResPublica, revealed that 22% of households were renting from private landlords in 2015, up from 9% in 1985.
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