The distribution of all owner-occupier households in England in 2023 varied per age group, as well as the type of home financing. The older the age group, the larger the share of owner-occupier homeowners who purchased their home outright. A share of 1.7 percent of own outright homeowners were between the ages of 25 and 34, whereas a share of 61.3 percent of own outright homeowners were aged 65 and over. Although this is the case, the largest share of homeowners who purchased their house with a mortgage was in the age range of 45 to 54 years old, with a share of 30.7 percent at that time.
Some of the key reasons for wanting to own a home in the United Kingdom were a sense of security, a way to preserve future wealth, and the lower cost as compared to renting a property.
Distribution of homeowners in England in 2023, by type of home financing and age
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Department for Communities and Local Government (UK). (December 14, 2023). Distribution of homeowners in England in 2023, by type of home financing and age [Graph]. In Statista. Retrieved October 07, 2024, from https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/
Department for Communities and Local Government (UK). "Distribution of homeowners in England in 2023, by type of home financing and age." Chart. December 14, 2023. Statista. Accessed October 07, 2024. https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/
Department for Communities and Local Government (UK). (2023). Distribution of homeowners in England in 2023, by type of home financing and age. Statista. Statista Inc.. Accessed: October 07, 2024. https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/
Department for Communities and Local Government (UK). "Distribution of Homeowners in England in 2023, by Type of Home Financing and Age." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/
Department for Communities and Local Government (UK), Distribution of homeowners in England in 2023, by type of home financing and age Statista, https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/ (last visited October 07, 2024)
Distribution of homeowners in England in 2023, by type of home financing and age [Graph], Department for Communities and Local Government (UK), December 14, 2023. [Online]. Available: https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/