Falling homeownership rate changing rental market
The Centre for Housing Research has been looking into the decline in homeownership rates which have fallen from a high of 73.7% in 1986 to 66.9% in 2006.
Professor Philip Morrison, who wrote the report, says that the decline in homeownership rates is a result of structural shifts in the housing market, and not just a deferral of homeownership by the young.
Morrison thinks there is a more permanent shift due to the underlying economics of homeownership.
“We are seeing a generation of home buyers who are postponing purchasing, and we don’t know if that’s what driving the fall in homeownership or whether there is another set of factors to do with affordability that means we’re on a long term path of lower home ownership rates,” says Morrison.
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