6.1 Housing and the household balance sheet
Today, with 65% of homes being owner-occupied – just 5% lower than at the peak of home ownership in 2002 when 70% of homes were owner-occupied – it is hardly surprising that considerable media attention is paid to the UK property market and the direction of house prices. For most people, their property is primarily a home rather than an investment – although some people do own properties for investment purposes only, for example to let for rental income. In England, about one-sixth of the 23 million housing stock is privately rented.
If you own your home, what were the reasons behind your decision to buy? In this video a range of people offer their stories. What comes across is that owning your own property is a key aspiration in the life course and that it is better than paying money in rent for a property that someone else owns. What also comes across is that property and home ownership are subjects people in the UK are always talking about.