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40+ Home Ownership Statistics for the UK in 2024

Community

06 Feb 2024

Owning your own home is something that brings a tangible sense of accomplishment and stability to your life. It provides you with a space that’s truly your own; reflecting your identity, bringing you security and warmth, as well as offering you the perfect environment in which to enjoy some of life’s most precious moments and milestones.

Here, we reveal all the latest housing market facts, figures, and data for 2024, including how many UK adults own their own home, which parts of the UK are most sought-after amongst prospective buyers and what factors are most important to those looking to buy a house.

So, let’s dive in!

Unlocking insights: UK Homeownership - Key Facts of 2024

Buying a house often requires patience, but luckily, reading this article doesn’t! Here’s a quick summary of our key findings:

  • As of July 2024, 50% of UK adults own their own home. That’s the equivalent of 26.4 million people across the country.
  • 28% of Brits own their home outright, whilst 22% have a mortgage.
  • The condition and age of a house is the most important determining factor for those thinking of buying a home in the UK, followed by the area’s crime rates and local amenities.
  • The most sought-after UK cities when it comes to homeownership are BirminghamGlasgow and Sheffieldwith those three cities being Googled more than any other city in the UK when included in the phrasing, ‘homes for sale in X’.
  • Northern Ireland has more homeowners than any other region in the UK, with 57% of the region's population owning their own homes compared to the national average of 51%.
  • People in Northern Ireland are also the most likely to own their home with a mortgage (42%).
  • Whereas 36% of homeowners in Wales own their home outright; the most of any region in the UK.
  • As of October 2024, the average house price in the UK was £222,750.
  • Average house prices in England are higher than any other part of the UK, sitting at £306,000.
  • Conversely, the cheapest place to buy a house in the UK is Northern Ireland, with an average house price of just £180,000.


How many people own a home in the UK in 2024?

Buying a house can be a complex and lengthy process, but just how many UK adults own their own home? And how many are in different living situations such as renting, living with family or in social or sheltered housing?

To find out, we surveyed a demographically representative sample of 2,000 UK adults in July 2023 using the market research company Censuswide. We asked participants which of the following living arrangements currently apply to them:

  • A home that I/we own outright
  • A home that I/we own with a mortgage
  • Private rental accommodation
  • Social housing such as council house
  • Sheltered housing
  • I/We live with my family
  • Other

Our survey revealed:

  1. As of July 2023, 50% of UK adults own their own home. That’s the equivalent of 26.4 million people across the country*. 
  2. Comparing this with previous housing market data, we can see that homeownership rates have decreased considerably over the last few years. In fact, in the two years from 2016 to 2018, 63% owned their own homes.
  3. 28% of Brits own their home outright.
  4. Whilst 22% have a mortgage.
  5. Our survey also found that 20% of UK adults live in social housing such as a council house.
  6. And another 20% rent privately.
  7. 5% of adults over the age of 18 live with their parents.
  8. The percentage of people living with their parents/family varies significantly by age. The table shows each age group and the percentage of people in the UK within these age categories who live with their parents.


Age group

Percentage who live with family

18-24

19%

25-34

7%

35-44

5%

45-53

2%

55+

2%


  1. As you can see from the table, the most likely adult age group to live with family are those aged 18-24, as almost 1 in 5 of young adults in this age group say this is their current living arrangement (19%).
  2. The proportion of people living with family then reduces as we age, with 7% of 25-34 year-olds, 5% of 35-44 year-olds and just 2% of those over the age of 45 stating that this is their living situation at present.
  3. And 3% are currently living in sheltered accommodation.

*To calculate the number of adults in the UK, we obtained general population data from the Office for National Statistics. This gave us the most up-to-date figure for the UK population (66,796,807). We then subtracted the number of under 18s in the UK from this figure, which gave us the total adult population. Using this, we could then extrapolate the findings of our survey to present them as a proportion of the population.


What are the most important factors people consider when buying a home?

So for those who are thinking about buying a home, which factors are most important to them? Is it the age and condition of the house? Local amenities? Room sizes? Energy efficiency? Or something else entirely?

To find out, we also asked participants:

‘Imagine you're looking to buy a new house. What factor, if any, is most important to you?’ (Select one)

  • Age of the house/current condition
  • Crime rates
  • Local amenities
  • N/A - no factor is most important to me
  • Parking
  • Not sure
  • Garden size
  • Energy efficiency rating
  • Transport links
  • Kitchen size
  • Living room size
  • Falls within good schools catchment area
  • Other, please specify


As you can see from the chart below:

  1. The condition and age of a house is the most important determining factor for those thinking of buying a home in the UK, as 15.6% chose this option.
  2. The second most important consideration is the area's crime rates, with 10.55% of respondents stating that the level of crime in an area is a crucial factor for them.
  3. Local amenities (9.65%), parking (8.05%), garden size (7.6%) and energy efficiency (7.45%) are also some of the most important factors people consider when buying a home in 2023.


Which towns and cities have the highest demand amongst prospective home buyers?

Our survey found that factors that vary depending on location, such as crime rates, local amenities, and transport links, are really important in the eyes of prospective home buyers. So which areas in the UK have the most appeal in 2024?

To find out, we used the tool Keyword Finder to analyse Google search volumes for the term ‘Homes for sale in X’ with X being each major town and city in the UK with a population of 100,000 or more.

Our analysis found that as of January 2024:

  1. The most in-demand UK cities when it comes to home ownership are Birmingham, Glasgow and Sheffield, with each variant of ‘Homes for sale in X’ receiving an average of 26,000 searches per month.
  2. London and Edinburgh are also amongst the most sought-after locations when it comes to buying a house, with 25,000 and 23,900 searches being conducted for houses in these areas, respectively. 
  3. Leicester, Bradford and Swansea are also amongst the top 10 most searched-for cities, clearly demonstrating high demand amongst prospective home buyers.


Rank

Keyword

Avg.  Search Volume (Last 12 months)  

Average monthly searches per 100,000 people

1

Houses for sale Birmingham

29,100

53

2

Houses for sale Glasgow

26,300

48

3

Houses for sale Sheffield

26,200

48

4

Houses for sale London

25,000

46

5

Houses for sale Edinburgh

23,900

44

6

Houses for sale Leicester

23,800

44

7

Houses for sale Bradford

21,500

39

8

Houses for sale Swansea

21,500

39

9

Houses for sale Coventry

20,900

38

10

Houses for sale Blackburn

20,100

37

11

Houses for sale Stoke-on-Trent

20,100

37

12

Houses for sale Liverpool

19,800

36

13

Houses for sale Manchester

19,400

36

14

Houses for sale Swindon

18,100

33

15

Houses for sale Bristol

17,800

33

16

Houses for sale Doncaster

17,800

33

17

Houses for sale Bolton

16,400

30

18

Houses for sale Wolverhmpton

16,400

30

19

Houses for sale Newcastle-Upon-Tyne

16,400

30

20

Houses for sale Dundee

15,400

28

Methodology: To find out what proportion of people search for homes for sale in each city, we divided the average monthly search volume for the term ‘Homes for sale in X’ (with X being each major town and city in the UK) by the adult population of the UK. This gave us an average number of monthly searches per person, which we then multiplied by 100,000 to find out the average monthly search volume per 100,000 people.


The road to homeownership: Homeownership rates by age in 2024

How many young people own their own home in the UK? And how does this compare with homeownership rates across older generations?

To find out, we asked participants to disclose their age when answering questions about their current living situations. The results revealed that:

  1. By far and away, the age group most likely to own their own home is those aged 55+, with nearly half (46.7%) stating that they own their own home.
  2. The second most likely age group to own a home in 2023 is those aged 45-54, with 18.6% being homeowners.
  3. As you might expect, the age group least likely to own their own home is 18-24 year-olds, with just 4.5% stating that they own their own home in 2023.


Age and homeownership type - mortgage vs owning outright

Now we know the latest figures on homeownership and age in the UK overall. But what proportion of said homeowners own their houses outright? And how many need a mortgage?

Our findings revealed:

  1. As you can see from the graph below, the most likely age group to own a home outright is those aged 55 and over (72%), followed by 45-54 year-olds (12%).
  2. Perhaps surprisingly, our research also found that 25-34 year-olds are slightly more likely to own their own home than those in the 35-44 age category (7% and 6%, respectively).
  3. Whilst the age group most likely to need a mortgage in order to own a home were those aged 35-44 (28%), followed by 45-54 year-olds and those aged 55+.


Homeownership rates by UK region

We all know that there are some significant regional differences across the UK when it comes to things like income, cost of living and house prices. For instance, homes for sale in areas with a higher cost of living, such as London, tend to cost a lot more than those in areas where it’s cheaper to live, such as Yorkshire.

But how does location affect peoples’ likelihood of owning their own home? And which region of the UK has the highest percentage of people who own their home outright (as opposed to needing a mortgage)? Our survey found:

  1. More people in Northern Ireland own their own home than any other UK region, as 57% of Northern Irelanders do so, compared to the national average of 51%.
  2. This is closely followed by Wales, where 56% of people own their own home.
  3. The South West of England, the East of England and the North West of England also have some of the highest home ownership rates in 2023.
  4. Perhaps unsurprisingly, people in Greater London are least likely to own their own home, as just 36% of people in this region are homeowners.
  5. Those in the West Midlands and Scotland are also some of the least likely to own their own homes, with home ownership rates that fall below the national average.


Region

Percentage of population who own their own home

Northern Ireland

57%

Wales

56%

South West

55%

East of England

55%

North West

54%

North East

52%

Yorkshire and the Humber

52%

East Midlands

51%

South East

51%

Scotland 

49%

West Midlands

48%

Greater London 

36%

Our survey also revealed the proportion of homeowners who own outright versus those who have a mortgage. As you can see from the graph below:

  1. By far and away, people in Northern Ireland are the most likely to need a mortgage in order to own their own home (42%). Of all UK regions, Northern Ireland has the most significant contrast between those who own a home outright and those who do so with a mortgage, with the percentage of those in Northern Ireland owning outright being less than any other part of the UK, sitting at just 15%.
  2. Londoners are also some of the least likely to own their home outright, with 21% stating that they do so. They’re also some of the least likely to own with a mortgage, as just 15% currently have one.
  3. In contrast, people in Wales are most likely to own their own home outright, with more than a third of the population stating that they fully own their homes (36%).
  4. Those living in the South East and North East regions of the UK are also among some of the most likely to own their homes outright, with 34% of people in each of these regions stating that this is the case for them.


Average house prices in the UK in 2024

So now we know which age groups and regions are most likely to own a home, and which parts of the UK are most desirable amongst prospective buyers, as well as what attributes people look for when buying a new home. But how about those all-important house prices?

To find out, we looked at the Office for National Statistics’ most recent UK House Price Index report which revealed that:

  1. Average UK house prices have increased by 1.2% over the 12 months leading up to October 2023.
  2. In October 2023, the average house price in the UK was £288,000, £3,000 less than 12 months before. 
  3. The most recent spike in house prices was in July 2022, when they increased by 14.3% compared to the previous year. 
  4. As of October 2023, average house prices within the United Kingdom were as follows:


Country

Average house price (October, 2023)

Percentage increase (from October, 2022)

England

£306,000

-1.4%

Wales

£214,000

-3%%

Scotland

£191,000

+0.2%

Northern Ireland*

£180,000

+2.1%

  1. As you can see from the table, average house prices in England are higher than any other part of the UK, sitting at £306,000.
  2. Wales’ average house price is significantly lower at £214,000.
  3. Lower still, are Scotland’s house prices, averaging at £191,000.
  4. And the cheapest place to buy a house in the UK is officially Northern Ireland, with an average house price of just £180,000.

*Percentage change data for Northern Ireland relates to the year to Quarter 3 (July to Sept) 2023.

Homeownership Statistics for the UK in 2024

We hope you’ve found our homeownership statistics, facts and figures to be of interest! If you’d like any more information about our study or any of the above statistics, please let us know.

And if you’re currently thinking about buying a new home in the UK, head over to our website to browse our range of new build homes for sale or check out our First Homes scheme to find out how we can help you take your first steps onto the property ladder. 

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