Only 6.8m homes in England now have mortgages, just 28 per cent of the overall market and about two per cent down from the level five years ago.
Research by mortgage firm Henry Dannell shows that the reduction in total homes owned with the help of a mortgage has been most notable in the East of England, down three per cent since 2017.
Some areas have bucked the overall trend - Tower Hamlets in London has seen mortgaged property ownership rise 16 per cent in the last five years.
“A reduction in the level of mortgaged owned homes is a positive thing on the face of it, as it means more homeowners outright own their own homes and the equity they would have accumulated within it while living there” explains the director of Henry Dannell, Geoff Garrett.
“There’s no doubt that such a sustained period of low interest rates will have helped drive this trend, with many homeowners paying less interest and able to pay off their mortgage at a quicker rate than they may have previously.
“The other side to the story is the increasing issue of affordability for the nation’s homebuyers, many of whom may have struggled to buy and instead opted to rent long term, and this has no doubt contributed to a decline in mortgaged homes across the nation.”
|
Table shows the five-year change in total homes owned with a mortgage or loan |
|||
|
Region |
Owned with Mortgage or Loan 2015 |
Currently Owned with Mortgage or Loan |
Five Year Change |
|
West Midlands |
728,593 |
700,244 |
-4% |
|
North West |
963,620 |
929,940 |
-3% |
|
Yorkshire and The Humber |
708,920 |
684,486 |
-3% |
|
East of England |
827,321 |
799,906 |
-3% |
|
South West |
713,965 |
691,321 |
-3% |
|
North East |
354,248 |
343,316 |
-3% |
|
South East |
1,227,339 |
1,190,641 |
-3% |
|
East Midlands |
634,490 |
615,531 |
-3% |
|
London |
890,506 |
884,033 |
-1% |
|
England |
7,049,002 |
6,839,418 |
-3% |
|
Table shows areas to have seen the largest five-year change in total homes owned with a mortgage or loan |
|||
|
Region |
Owned with Mortgage or Loan 2015 |
Currently Owned with Mortgage or Loan |
Five Year Change |
|
Tower Hamlets |
18,671 |
21,683 |
16.1% |
|
Newham |
22,601 |
24,905 |
10.2% |
|
Salford |
28,585 |
30,763 |
7.6% |
|
Greenwich |
27,520 |
29,544 |
7.4% |
|
Southwark |
25,238 |
26,875 |
6.5% |
|
Hackney |
17,426 |
18,262 |
4.8% |
|
City of London |
1,097 |
1,147 |
4.6% |
|
Newcastle upon Tyne |
29,576 |
30,896 |
4.5% |
|
Telford and Wrekin |
23,364 |
24,360 |
4.3% |
|
Dartford |
15,859 |
16,418 |
3.5% |
|
Table shows the percentage of total properties owned with a mortgage or loan and the five-year change |
||||
|
Region |
Homes Owned with Mortgage or Loan |
Total Dwellings |
Mortgage Owned as % of Total Dwellings |
Five Year Change |
|
East Midlands |
615,531 |
2,123,763 |
29% |
-2% |
|
East of England |
799,906 |
2,733,183 |
29% |
-3% |
|
London |
884,033 |
3,634,498 |
24% |
-1% |
|
North East |
343,316 |
1,246,438 |
28% |
-2% |
|
North West |
929,940 |
3,333,545 |
28% |
-2% |
|
South East |
1,190,641 |
3,984,708 |
30% |
-2% |
|
South West |
691,321 |
2,602,948 |
27% |
-2% |
|
West Midlands |
700,244 |
2,536,706 |
28% |
-2% |
|
Yorkshire and The Humber |
684,486 |
2,460,706 |
28% |
-2% |
|
England |
6,839,418 |
24,656,495 |
28% |
-2% |
|
Table shows the areas with the lowest change in total properties owned with a mortgage or loan |
||||
|
Region |
Homes Owned with Mortgage or Loan |
Total Dwellings |
Mortgage Owned as % of Total Dwellings |
Five Year Change |
|
Tower Hamlets |
21,683 |
126,103 |
17.2% |
0.3% |
|
Hackney |
18,262 |
112,205 |
16.3% |
0.0% |
|
Newham |
24,905 |
120,347 |
20.7% |
-0.1% |
|
Southwark |
26,875 |
137,472 |
19.5% |
-0.1% |
|
Islington |
17,502 |
105,489 |
16.6% |
-0.4% |
|
Manchester |
46,585 |
231,000 |
20.2% |
-0.5% |
|
Westminster |
16,439 |
126,422 |
13.0% |
-0.5% |
|
Hammersmith and Fulham |
16,055 |
90,335 |
17.8% |
-0.6% |
|
Greenwich |
29,544 |
117,450 |
25.2% |
-0.6% |
|
Barking and Dagenham |
21,175 |
76,570 |
27.7% |
-0.6% |
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