Homeownership in the UK & Europe
The UK ranks 29th in Europe for homeownership at 65%, trailing far behind Eastern Europe’s 85%+. Despite rising deposits and affordability hurdles, the British dream of owning a home remains a powerful symbol of security. We explore why homeownership is changing and why the desire to own is still as strong as ever.
Britain has always seen homeownership as part of the dream. Yet when compared with much of Europe, the UK now sits surprisingly low down the table, ranking only 29th for levels of homeownership.
Countries across Eastern Europe have the highest ownership levels where most countries have 85%+ of households are owned. In the UK, 65% of homes are owner occupied, similar to the Dutch and Swedes, yet slightly higher than the French. Germany’s homeownerships levels are low at 47%, showing there is no single European model.
One thing it does highlight is how difficult it has become for many British households to buy and keep hold of a home. Rising deposit requirements, affordability pressures and the growing cost of moving have all played a part. At the same time, older homeowners are staying in their properties longer, meaning fewer homes are coming to the market for younger generations to buy.
Yet despite the headlines, the British desire to own a home remains incredibly strong. For many people, owning a property still represents security, stability and something to pass down to future generations.
The interesting thought for homeowners, buyers and landlords in Attleborough is this: how does our local property market compare with the wider national picture, and what does that mean for house prices, demand and future opportunities locally? I will be answering that very soon!
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