Home owner figures spark new building call
Three out of every five families in South Tyneside own their own home, new figures reveal.
Office for National Statistics data estimates that 60.2% of households in South Tyneside were owners-occupiers in 2019 – the latest available figures.
This was broadly in line with 2012 but more homeowners are living mortgage-free – 29.6% in 2019, compared to 26.8% seven years before.
The proportion of people living in privately rented accommodation in South Tyneside rose from 10.5% in 2012 to 11.3%.
PricedOut, a campaign group for affordable house prices, said that, while older generations are paying off their mortgages and enjoying low housing costs, young people are trapped by expensive rents.
It’s director Anya Martin said: "Housing costs are the major driver of inequality between the generations, and it is damaging young peoples' futures.
"The main barrier to home ownership is that we have been failing to build enough homes in this country for decades, resulting in rising prices.”
Housing charity Shelter’s chief executive, Polly Neate, said: "Home ownership is totally out of reach as most private renters and anew generation of good-quality social housing would give many more the chance of a home they can actually afford to live in."
The Ministry of Housing said more than 243,000 homes were delivered last year – the most for over 30 years.
A spokesman said: "We are delivering the homes our communities need and helping through Government-backed schemes including Shared Ownership, Help to Buy and the new 95% mortgage guarantee scheme.
"We are investing over £12 billion in affordable housing over the next five years."