The latest English Housing Survey reported that the number of owner-occupiers has been in decline since 2003 when it hit a high of 70.9%.
Meanwhile, the percentage of people who privately rent their property has grown to 16.5%, up from 10% a decade ago.
The survey also showed that 10% of homeowners are less than 35 years of age. Affordability for homebuyers with less equity will also suffer next month, when the government ends its Stamp Duty holiday for properties worth less than £250,000.
However, the housing market has seen a strong “spring bounce” after sellers upped their asking prices by the highest monthly jump for a decade.
According to research out today by Rightmove, asking prices for property recorded their biggest monthly increase since April 2002 in February, rising by 4.1% to an average of £233,252 compared to a fall of 0.8% in January.
Asking prices were up 1.4% on January 2011. Rightmove attributed the growth to strong demand from cash rich buyers and a rise in market confidence as consumers accept current conditions as the “new norm.”