Owner Occupation

Ministry of Housing, Communities and Local Government written question – answered on 22nd February 2018.

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Photo of John Healey John Healey Shadow Secretary of State for Housing

To ask the Secretary of State for Housing, Communities and Local Government, what assessment his Department has made of the reasons for the decline in the level of home ownership among people under 45 years old since 2010.

Photo of Dominic Raab Dominic Raab Minister of State (Housing, Communities and Local Government)

Under the last Labour government, home ownership started falling from a peak of 63.9 per cent in 2003-04 for all homeowners between the ages of 16-44 to a low of 53.8 per cent in 2009-10.

The Government have put in place a wide ranging package of measures to improve homeownership. While overall homeownership rates have remained stable since 2013, they have declined for people under 45 since 2003. The best way to help young people to own their own home is to build more homes, and that is precisely what this Government is doing.

Already, over 1.1 million additional homes have been delivered in England since 2010, including over 217,000 in 2017 alone. Since 2010, over 357,000 affordable homes have been delivered, as well as the 443,000 households that have been helped into home ownership through Government schemes including Help to Buy and Right to Buy.

More still needs to be done to get more houses built. We will be working on this through the implementation of our Housing White Paper and the further measures we introduced in the Autumn Budget 2017. This includes reforms to Stamp Duty, which are expected to help 95 per cent of first-time buyers.

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