Northern Ireland news

Northern Ireland sees biggest drop in home ownership in UK

New figures show fewer than two-thirds of households in Northern Ireland now own their own homes
Suzanne McGonagle and Press Association

NORTHERN Ireland has seen the biggest fall in home ownership in the UK over the last decade.

The proportion of people owning their own homes has dropped to 63 per cent, down from a November 2006 peak of 73.5 per cent.

Figures from the Resolution Foundation show that home-ownership has fallen across the UK.

Greater Manchester has seen the biggest fall, down to 57.9 per cent in February 2016.

However, Northern Ireland's drop of 10.5 percentage points is bigger than Scotland (5.6 per cent), Wales (5.1 per cent) and England overall (7 per cent).

The Foundation said the findings suggest figures showing home ownership increased in 2014 was "likely a blip" and the overall trend of decline is continuing.

Spokesman Stephen Clarke said: "These drops are more than a simple source of frustration for the millions of people who aspire to own their home.

"The shift to renting privately can reduce current living standards and future wealth, with implications for individuals and the state.

"We cannot allow other cities to edge towards the kind of housing crisis that London has been saddled with."

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