West Midlands sees biggest fall in mortgaged homes
The West Midlands saw the biggest percentage drop in homes owned with a mortgage or a loan in England between 2015 and 2020
Research by mortgage specialists Henry Dannell found that in 2020 there were an estimated 6.8 million mortgaged homes across the country – down three per cent.
The West Midlands saw the largest decline, with a four per cent drop, while London had the lowest reduction in mortgage-backed homeowners, at just one per cent.
The market share of mortgaged homes also fell, accounting for 28 per cent of total dwellings in 2020 compared to 30 per cent in 2015.
Director of Henry Dannell, Geoff Garrett, said: “A reduction in the level of mortgaged owned homes is a positive thing on the face of it, as it means more home owners outright own their own homes and the equity they would have accumulated within it while living there.
"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.
"Of course, 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.”
