Business

Mortgage-free households on the rise in England

Monopoly house on cash Image copyright PA
Image caption Home ownership in England has seen significant shifts in the last decade

More properties were owned outright than with a mortgage among households in England for the first time in 2013-14, figures show.

Of the 22.6 million households in England, 7.4 million owned their property outright, and 6.9 million had a mortgage, the English Housing Survey showed. The rest rented their homes.

This marked a shift from an equal level among owners a year earlier.

The data also shows that the younger generation are struggling to own.

In 2013-14, some 48% of households made up of 25 to 34-year-olds rented their home from a private landlord.

This had risen from 45% a year earlier, and from 21% in 2003-04.

Over the same 10 years, owner occupation in this age group dropped from 59% to 36%.

Campbell Robb, chief executive of Shelter, said: "The shortage of affordable homes is leaving young adults with no choice but to remain stuck in their childhood bedrooms, or face decades paying out dead money to landlords."

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