27 Mar UK vs EU Home ownership
UK vs EU HOME OWNERSHIP
Official figures are showing that the UK has the fourth lowest home ownership rate in the EU. After years of vendors selling their houses fast has caused house prices to soar.
This downward trend looks like it’s coming to an end as the cost of renting is becoming less affordable than buying in 7 out of 10 British cities, which is good news for vendors looking for a quick house sale with more buyers coming into the housing market.
Reading through the figure released by Eurostat, the EU statistics agency, there is only Germany, Austria and Denmark which have a lower owner occupancy rate than the UK out of all the EU members.
In the whole of the European Union, there were only 69% of people living in owner-occupied homes in 2016.
According to these figures, in the UK only 63% of residents live in a home they own, this figure is down by almost 1%. To get on the property ladder is becoming harder with deposits more difficult to save up as the cost of living increases, this is only going to affect the sell house fast property market in the UK.
The highest rate of home ownership is in fact, lead the way by four Eastern European countries, leading the way is Romania followed by Croatia, Lithuania and Slovakia, properties in these up and coming EU countries are flying off the shelves with their sell house fast property market very buoyant at the moment.
If you are looking for a quick house sale in Germany don’t hold your breath with their rental culture the property market is very slow. Germany has the lowest rate of home ownership in the EU with barely half of the population owning a home.
The UKs shadow housing secretary John Healey said: “Home ownership for young people is in freefall- in many parts of the country there’s now a crisis.”
Purchasing a property is a very costly process, but once you get past the initial deposit and the fees it is a much more economical option on a monthly basis, in the current property market a quick house sale is a viable option if it doesn’t work out owning your own home.
For the first time in 100 years, the last census shows that home ownership has fallen in the UK, particularly in the younger people. This shows the first time buyer market has a lack of fast house buyers.
A study carried out in 2001 showed two million homeowners between 25-34 years old, a more recent study carried out a decade on shows a massive decline to 1.3 million homeowners of the same age range which is a worrying decline.
Our younger generation has been nicknamed the “rental generation” for the simple reason to get on the property ladder is so difficult.
New figures from Rightmove have shown the tide could be turning.
Rightmove’s research compared the cost of renting a home with servicing a mortgage, the research found that buying a home is cheaper than renting in 60% of areas across the UK. This research is good for the sell house fast property market and should boost sales across the UK.
The homeowner market in Glasgow where the gap between rental premiums and mortgage repayments is most affordable in the UK, where rents are at around £146 per month.
In Birmingham however, homeowners typically pay 24 % less than renters, while in Bradford the gap is 23% or around £102 per month.