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Revealed: the UK city where home ownership has fallen the fastest

Source : 02 Aug, 2016

The level of home ownership in Greater Manchester has fallen at the sharpest rate than any other major city area in the last decade.

Analysis by the Resolution Foundation revealed that the rate of home ownership in the city has plummeted 14pc since 2003, to 58pc.

This fall outstrips even inner London, which has traditionally been viewed as the epicentre of the nation’s housing crisis, and where ownership tumbled 6.2pc in the same period. Home ownership in inner London peaked in October 2004, and fell from there; in the outskirts of the capital the highest level was in October 2000.

Stephen Clarke, policy analyst at the Resolution Foundation, said: “London has a well-known and fully blown housing crisis, but the struggle to buy a home is just as big a problem in cities across the north of England.

“The chances of owning a home have fallen fastest in Greater Manchester over the last decade, though the Leeds and Sheffield city areas have also experienced sharp drops.”

Manchester City Centre

Manchester City Centre CREDIT: ALAMY

These major cities have all had double-digit falls in home ownership since 2003. House prices in Manchester rose by 9pc in the year to June, compared to 4.3pc the previous year, according to Hometrack.

Home ownership in Greater Manchester peaked in April 2003; since then the city has seen a large amount of investment in build-to-rent schemes and other developments. Conversely, the highest level of home ownership in the country is in the Northwest, in areas beyond Manchester. 

English home ownership has now fallen to levels last seen in 1986, despite Government efforts to revive it with schemes such as Help to Buy, which provides an equity loan and 5pc deposit. The shift to renting rather than ownership is taking place largely due to a lack of affordability.

Mr Clarke said: “We cannot allow other cities to edge towards the kind of housing crisis that London has been saddled with.

“It’s encouraging that the new Prime Minister has talked about tackling the housing deficit. She may find that making good on this promise could secure as important a legacy as negotiating a successful exit from the European Union.”

Note: All Inforamtion provided by third party source.

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