Share of homeowners in England 2023, by age

Owner-occupied households include all those who bought their home outright, as well as all those who purchased their home with a mortgage. There are multiple reasons why people decide to buy a home: it gives a sense of security and is a means of wealth preservation. 

Homeowners in England

It is not a secret that buying a home is not a straightforward process. Whether it is through a mortgage or cash, for many people, homeownership is only possible later in life. In 2022, homeowners younger than 35 were roughly 10 percent of all homeowners in England. For potential first-time buyers in the United Kingdom (UK) there are a number of barriers that are stopping them from owning their very own home, such as raising the deposit, inability to get a mortgage on their current income or poor credit ratings.

Homeownership in Europe

Overall, the homeownership rate in the UK was comparatively lower compared to many EU countries like Romania and Croatia, where the rate exceeded 90 percent. In terms of housing affordability, or the ratio of house prices to disposable income, many countries scored higher than the UK.