Owner occupiers in London increases 6% – boosted by first-time buyers
- 5th February 2020
- Buying Property News
Lower barriers to home ownership helping people to get on the property ladder
New statistics show a 6% increase in the number of owner occupiers in London to 1.76m in 2018/19, according to the English Housing Survey.
The growth in owner occupiers is largely being driven by first-time buyers entering the property market, which is at its highest level since 2007.
The number of millennial homeowners outnumbered that of private renters in the UK for the first time in seven years.
Home ownership has become more accessible for younger generations, through Government schemes such as Help to Buy and high competition amongst mortgage providers which has seen a decrease in rates. In addition to this, the Bank of Mum and Dad is being used for financial support by first-time buyers.
Buyers also appear to be more confident in the property market following the General Election, which brought more clarity on Brexit.
Stephen Ludlow, Chairman at ludlowthompson, says: “This is the first time in seven years that the number of owner occupiers in London has surpassed private renters.”
“The figures contradict naysayers who say home ownership in London is out of reach for new buyers.”
“That’s not to say that the barriers to home ownership are completely gone – but schemes such as Help to Buy and Lifetime ISAs, coupled with attractive fixed rate mortgage products, are definitely making it a more attainable prospect for many.”
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Laura W via Google Reviews:
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“This is the first time in seven years that the number of owner occupiers in London has surpassed private renters.”
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