Homeownership has long been a goal for many citizens, and it continues to play an essential role in shaping the housing market and the overall economy. It is one of the most significant financial milestones for many individuals and families across the globe.
By examining various aspects of homeownership, this article offers a clearer picture of the housing market, key statistics, and demographic trends, especially in the UK, while touching on the broader global statistics.
Key Homeowner Stats
- UK property prices are expected to increase by +5.5% in 2026, +5% in 2027, +4% in 2028 and +3% in 2029
- As of May 2024, the UK recorded 59,990 net mortgage approvals, marking a 1.36% decrease from the previous month
- In June 2024, the average house price in the UK was £288,000, £8,000 more than 12 months before
- White ethnic groups have the highest homeownership rates, with around two-thirds of people in both England (65.61%) and Wales (67.61%) owning property
- Muslims have the lowest homeownership rates, with just 41.47% of Muslims owning property
- Christians have the highest rate of outright homeownership, with more than 44% owning property without a mortgage
- Black communities have the lowest homeownership rates, with just 27.69% of Black people in England and 20.54% in Wales owning a home
- UK homeownership tends to be highest for those aged 65 or over, with around two-thirds (66.2%) owning a property as of 2023
- Singapore boasts the highest homeownership rate globally, with nearly 90% (89.7%) of residents owning at least one property
- The condition and age of the house tops the list of considerations, with 60% of respondents placing it as their most important factor
How Many Homeowners in the UK
The UK Homeownership market has witnessed considerable changes in the past few decades, particularly with the rise in property prices and shifting economic conditions.
- There are around 28.36 million homeowners in the UK, with almost 90% found in England
- As of July 2024, 53% of UK adults own their own home, compared to 50% in 2023
- 28% of Brits own their home outright, whilst 25% have a mortgage
- According to the latest homeowner statistics from the ONS, there were 28.36 million households in the UK as of 2023. This represented a 1.4% increase from the previous year
Homeownership Statistics By State
Homeownership rates can differ greatly from one region of the UK to another.
- London is the UK region with the highest number of houses (3.79 million)
- This is around 10.4% more than the North West in second. In all, the number of houses in London represents about 14.9% of England’s housing, and, at 24.11 dwellings per hectare, represents the most densely populated region of the UK for housing.
- The North West, by contrast, is the UK’s second most densely populated region for housing at 2.42 properties per hectare. With a housing stock of more than 3.4 million, this represents around 13.4% of all the houses in England.
- Conversely, the South East has the smallest number of dwellings across all English regions at 410,972, accounting for around 1.6% of all English properties. Yet, as the second smallest region by area, this produces a density of 2.15 houses per hectare – the third highest in the country.
- Just under a third (32%) of people in England and Wales own a semi-detached house or bungalow making it the most popular type of housing among property owners.
- As of 2023, there were approximately 25.4 million houses in England. This represented a rise of 0.93% from 2022 (or an additional 234,000 new homes built within the previous 12 months)
- As of 2022-23, there were approximately 822,100 houses in Northern Ireland, according to homeownership statistics from the Department for Communities. This represented a rise of 0.97% from the previous year, during which an additional 7,900 were built and added to the country’s property stock
- As of 2022, household statistics indicated around 1.47 million houses located across Wales. Within the previous 12 months, an additional 5,200 were added to the country’s housing stock, representing a rise of 0.35% within the year
- Homeownership statistics from the National Records of Scotland indicated that, as of 2022, there were approximately 2.7 million dwellings in Scotland. This represented a rise of 0.91% from 2021, equating to an additional 24,386 properties across the country
Homeownership Statistics by Religion
Homeownership rates in the UK vary significantly across different religious communities.
- The British Sikh community has the highest homeownership rate, with over 76% of Sikhs owning property
- Of these, approximately 59.3% have a mortgage, loan, or shared ownership, which represents about 45.2% of the total Sikh population in the UK
- In contrast, Muslims have the lowest homeownership rates, with just 41.47% of Muslims owning property
- Of those, around 63% have a mortgage, loan, or shared ownership arrangement.
- Only about 15% of the Muslim population in the UK owns their home outright, the smallest proportion among all religious groups.
- On the other hand, Christians have the highest rate of outright homeownership, with more than 44% owning property without a mortgage
Homeownership Statistics by Mortgage
Over the past year, mortgage approvals have fluctuated, reaching a high of 61,080 in April 2024 and a low of 44,390 in September 2023.
- As of May 2024, the UK recorded 59,990 net mortgage approvals, marking a 1.36% decrease from the previous month
- In the first quarter of 2024, the Bank of England’s residential mortgage lending data showed that gross lending totaled £51.6 billion, a decline of nearly 2.5% from the previous quarter. This figure represents a 46% drop from the £95.9 billion peak in Q3 2022
- New mortgage commitments amounted to £60.1 billion in Q1 2024, a rise of £14.1 billion from Q4 2023. However, this still marked a 31.5% decrease compared to the £87.8 billion recorded in Q3 2022
- The total value of outstanding mortgages in the UK remained relatively steady between Q2 2022 and Q1 2024, reaching nearly £1.66 trillion by the end of Q1 2024
- Research by Confused.com found that, in 2021-22, 34.8% of UK homeowners owned their properties outright, reflecting an increase of 2.8% since 2010-11 and 6.8% since the turn of the century
- The study also revealed that, in the same period, just 29.5% of homeowners were still paying off their mortgages, a decline of 13.6% from 1995 and 4.5% from 2010-11
- Owner-occupiers accounted for 64.3% of all households in 2021-22, down 6.4% from the peak of 2005
- A 2023 survey by LV Insurance, which polled 4,000 adults, found that 32% of UK mortgage holders do not expect to pay off their mortgage by the time they turn 65
- Additionally, the average age of a first-time buyer in the UK is now 32, raising concerns that many homeowners may not be mortgage-free by the time they reach 70
- One in 10 retirees still have mortgage debt at retirement, with the average outstanding amount standing at £38,000. Around 63% of those with remaining mortgage debt are relying on their pensions to help cover the cost
Homeownership Statistics by Race
Studies have shown that white households in the UK are more likely to own their own homes compared to minority ethnic groups, although the gap has been closing in recent years.
According to UK homeownership data from the ONS, there are notable disparities in homeownership rates among different ethnic groups.
- White ethnic groups have the highest homeownership rates, with around two-thirds of people in both England (65.61%) and Wales (67.61%) owning property
- Of these, nearly 60% of homeowners in Wales own their homes outright, compared to 54.8% in England
- Asian communities in both England and Wales have the next highest homeownership rates, with 58.71% in England and 56.98% in Wales
- Black communities have the lowest homeownership rates, with just 27.69% of Black people in England and 20.54% in Wales owning a home
- The Welsh White community has the highest rate of outright homeownership, with almost 40% of homeowners owning their properties without a mortgage
- In contrast, only 7.65% of Black homeowners in Wales own their homes outright, a stark difference
Homeownership Statistics by Age
Age is a significant factor in determining homeownership rates. Generally, older people are more likely to own homes than younger people.
- UK homeownership tends to be highest for those aged 65 or over, with around two-thirds (66.2%) owning a property as of 2023
- The vast majority of these (92.6%) were outright homeowners as opposed to having a mortgage.
- This means more than three-fifths (61.3%) of all UK adults aged 65 and above own property outright.
- Those aged 16-24 have the smallest rates of homeownership in the UK. As of 2023, just 1.1% of this age group owned a property.
- As age increases, so does the percentage of homeownership. Around two-fifths (39.9%) of those aged 45-54 own at least one property.
- More than three-quarters (76.9%) of this age group have a mortgage, equating to less than a third (30.7%) of the UK adult population aged 45-54. This represents the highest percentage across all age brackets for mortgage ownership.
- According to research by Avant Homes, the most likely age group to own a home outright is those aged 55 and over (43.6%), followed by 45–54-year-olds (15.7%)
- 25–34-year-olds are slightly more likely to own their own home than those in the 35-44 age category (9% and 8%, respectively)
- The age group most likely to need a mortgage to own a home were those aged 35-44 (33.6%), followed by 45–54-year-olds (31.5%) and those aged 25-34 (27.1%)
- Young people (aged 18-24) are the most likely to be willing to stretch their finances and move houses quickly (21%). That’s more than 1 in 5.
- By contrast, participants aged 55 years and over are most likely to take their time and do thorough research before deciding on a home (43%)
- Adults in Belfast are by far those most likely to take into consideration their personal or family circumstances before moving (36%), with Plymouth coming in second at 30%.
- Over half of adults in Southampton would take their time to research (51%), while a quarter of those in Sheffield would be willing to stretch their finances to sign the dotted line on their new house (25%).
- Meanwhile, 27% of adults in Wales would be willing to wait for the right deal and market conditions, compared to just 19% in Scotland
Homeownership by Country Statistics
Homeownership rates vary significantly across countries, influenced by economic conditions, housing policies, and cultural norms.
- Singapore boasts the highest homeownership rate globally, with nearly 90% (89.7%) of residents owning at least one property
- Norway follows closely, with around 80% (79.2%) of the population being homeowners
- In Southern Europe, homeownership rates are similarly high, with about three-quarters of people in Portugal (76%), Spain (75.3%), and Italy (75%) owning property
- The UK shares 13th place with the USA, both with a homeownership rate of 64.5%, slightly ahead of France, where just over 60% (63%) of adults own a home
- On the other hand, Switzerland has one of the lowest homeownership rates, with just 42.8% of adults owning property, followed by Germany, where less than half (48%) of people are homeowners
Regional Sales
Sales are typically higher in areas with stronger economic growth and greater access to jobs and amenities. Additionally, areas with better transport links, such as those connected to London by train, tend to see more active markets.
- The UK cities most frequently searched by prospective homeowners include Glasgow, Edinburgh, and Sheffield, which top the list for Google searches featuring phrases like homes for sale in X
- Swansea and Leicester also rank highly, with 7,200 and 6,900 searches respectively for homes in these locations
- Stoke-on-Trent, Liverpool, and London also appear among the top 10 most searched cities, reflecting strong demand from potential buyers
- In terms of regional homeownership, Northern Ireland stands out with the highest percentage of homeowners, with 63% of the population owning their own homes, well above the national average of 54%
- Additionally, people in Northern Ireland are most likely to have a mortgage, with 42% of homeowners holding a mortgage
- On the other hand, Yorkshire & The Humber has the highest rate of outright homeownership, with 29% of homeowners in the region owning their property without a mortgage
Prices
Housing prices have seen dramatic increases over the past two decades, particularly in urban areas.
- UK property prices are expected to increase by +5.5% in 2026, +5% in 2027, +4% in 2028 and +3% in 2029
- Average UK house prices increased by 2.7% in the 12 months leading up to June 2024
- In June 2024, the average house price in the UK was £288,000, £8,000 more than 12 months before
- The region with the biggest house price change in the 12 months leading up to June was Scotland, where they increased by 4.3%
- Average house prices in England are higher than in any other part of the UK, sitting at just over £305,000
- Conversely, the cheapest place to buy a house in the UK is Northern Ireland, with an average house price of just £185,000
- More than 1 in 5 young people who’ve purchased a home in the last 5 years say they’d be willing to stretch their budgets to secure a home they love
Buyers Demographics
The demographic of homebuyers is diverse, with significant variations in buyer preferences based on age, income, and lifestyle.
- As of July 2024, 53% of UK adults own their own home. That’s the equivalent of 27.9 million people across the country according to a survey by Avant Homes
- The survey shows that it is an increase of 3% compared to 2023 when 50% of UK adults owned their home
- Compared with previous housing market data, home ownership rates decreased considerably over the last few years
- In the two years from 2016 to 2018,63% owned their own homes
- 89% of males who took the survey found kerb appeal important compared to 86% of female participants
What Buyers Look Out for
When considering a home purchase, buyers in the UK weigh a variety of factors, from the condition of the property to its location. A survey by Avant Homes in 2023 revealed the key priorities for prospective homeowners.
- The condition and age of the house tops the list of considerations, with 60% of respondents placing it as their most important factor
- Following closely, 55% of participants highlighted crime rates in the area as a critical concern
- Other factors, such as local amenities (9.65%), parking (8.05%), garden size (7.6%), and energy efficiency (7.45%), also play important roles in decision-making
- When it comes to kerb appeal, 88% of UK adults who have bought a house in the last five years agree it’s a significant factor, with 39% describing it as very important
- Nearly half (49%) feel the exterior is somewhat important, while only 2% are unconcerned about the property’s exterior and focus more on the interior
- Regionally, the North East of England places the highest value on kerb appeal, with 92% of respondents saying it’s important
- In contrast, Scotland shows the least concern, with 82% prioritising the exterior
- Among UK cities, Sheffield leads with 94% of residents finding kerb appeal important, followed by London at 89%
- Plymouth, however, showed lower regard for exterior appearance, with only 73% of respondents considering it a key factor, and 5% of participants feeling it’s not important at all
Type of Property Statistics
The types of homes people own vary greatly, with certain property styles being more common than others.
UK homeownership statistics from the ONS revealed which types of properties are most popular among homeowners and provide insight into housing preferences.
- Around a third (32%) of homeowners in England and Wales own a semi-detached house or bungalow, making this the most common property type
- In Wales, more than a quarter (28.5%) of homeowners have a detached property, compared to just under a quarter (23%) in England
- Flats and maisonettes are more popular in England, accounting for over a fifth (22%) of homeownership, whereas only 12.5% of homeowners in Wales live in this type of property
- Terraced houses are also widespread, making up just over a quarter (26.3%) of all homes in England and Wales, totaling an estimated 6.93 million
- Semi-detached houses follow closely, comprising 23.8% of the housing stock while flats and maisonettes account for 23.15%
- At the other end of the spectrum, annexes are the least common, with just 47,000 homes (0.18%) falling into this category
Age of Property Statistics
When looking at the distribution of homes by age, certain periods stand out as particularly common for property construction
- The most prevalent properties are those built before 1900, with an estimated 4.2 million homes from this era, making up approximately 15% of the total housing stock across England and Wales
- Next in line are homes constructed between 1930-1939, which account for 10.12% of the housing and those built between 1955-1964, which make up 10.1%. Together, these two periods represent over a fifth (20.22%) of all homes
- Properties built between 1993 and 1999 are the least common, making up only about 5.16% of the total housing stock. However, there are nearly a quarter of a million homes where the year of construction remains unknown
Conclusion
Homeownership in the UK is influenced by a range of factors, including demographic changes, regional differences, and wider economic trends.
Although the rate of homeownership in the UK remains relatively high in comparison to other countries, prospective buyers still face challenges such as escalating property prices and economic uncertainty.
Looking ahead, the outlook for homeownership will continue to depend on policies that address affordability, access to credit, and regional disparities in housing markets.
Sources