Homeowner distribution in England 2023, by home financing and age

The distribution of all owner-occupier households in England in 2023 varied per age group, as well as the type of home financing. The older the age group, the larger the share of owner-occupier homeowners who purchased their home outright. A share of 1.7 percent of own outright homeowners were between the ages of 25 and 34, whereas a share of 61.3 percent of own outright homeowners were aged 65 and over. Although this is the case, the largest share of homeowners who purchased their house with a mortgage was in the age range of 45 to 54 years old, with a share of 30.7 percent at that time.

Some of the key reasons for wanting to own a home in the United Kingdom were a sense of security, a way to preserve future wealth, and the lower cost as compared to renting a property.