Estate agents' 'for sale' signs in Islington, north London. PA
Estate agents' 'for sale' signs in Islington, north London. PA
Estate agents' 'for sale' signs in Islington, north London. PA
Estate agents' 'for sale' signs in Islington, north London. PA

UK shifts from homeowning towards renting, Census data reveals


Gillian Duncan
  • English
  • Arabic

Fewer people in England and Wales now own their home than in 2021, in a national shift towards renting, according to newly-released data.

Overall, the majority of people still owned the home they lived in, at 62.5 per cent, or 15.5 million households, the 2021 census figures for England and Wales showed.

But the number was down from 64.3 per cent -15.0 million households — in 2011.

Meanwhile there was a rise in the number of households renting.

The number was up to 37.3 per cent — or 9.3 million households — in 2021, from 34.3 per cent — 8 million households — in 2011.

Polly Neate, chief executive of Shelter, said: “Predictably the number of private rented households in England has skyrocketed since 2011.

“Despite this, regulation of the sector stagnates. Every day our emergency helpline hears from private renters paying through the nose for damp, mouldy homes, and families too scared to complain for fear they'll be kicked out.”

She added: “The only lasting solution to our housing emergency is building more social homes.”

The proportion of households living rent-free declined from 1.4 per cent (315,000) in 2011, to 0.1 per cent (33,000) in 2021.

Census data also showed about 3.2 million people in England and Wales stayed at a second address for more than 30 days in 2021, probably in part due to the Covid-19 pandemic.

Those spending time at second properties, such as holiday homes, students' home addresses, and partners' addresses, equated to 5.3 per cent of the population, according to the Office for National Statistics (ONS).

The percentage of people using a second address has risen since 2011, when 2.9 million people, or 5.2 per cent of the population, did so.

About 2.5 million usual residents in England and Wales have a second address within the UK and 736,000 have one outside it, according to the latest figures.

The most common types of second address were another parent or guardian's address, which would have been selected for children whose parents lived apart, used by 1.1 million; students' home addresses, used by 655,000; and holiday homes, used by 447,000.

The ONS highlighted the potential impacts of the coronavirus pandemic on the figures.

For example, students may have been more likely to be staying at their family home for the whole academic year, rather than using a term-time address.

Fewer people now own their home in the UK. Bloomberg
Fewer people now own their home in the UK. Bloomberg

In 2011, 715,000 people had students' home addresses as a second address, and the decline probably reflects a pandemic effect, the ONS said.

The proportion of people using holiday homes has remained broadly stable since 2011, rising slightly from 426,000 to 447,000.

The number of people using an armed forces base as a second address has more than halved, from 73,000 in 2011 to 33,000 in 2021.

There was also a decrease in the number of people who used another address when working away from home, from 253,000 in 2011 to 189,000 in 2021.

For the first time, the question also included an option for the use of a partner's address.

In 2021, 294,000 people reported using this type of second address.

A slightly higher percentage of residents in England used a second address, at 5.4 per cent, than in Wales, at 5.2 per cent.

Within England, London, at 6 per cent, and the South-West, at 5.9 per cent, had the highest percentages of usual residents who used a second address, while the West Midlands, at 4.5 per cent, had the lowest.

The local authorities with the highest percentage of people who used a second address were Oxford, at 15.6 per cent, Cambridge, at 14.1 per cent, and Exeter, at 13.5 per cent.

The high percentage of people with second addresses likely reflects students with both a term-time address and a non-term-time address, the ONS said.

The data also showed across England and Wales, that 77.9 per cent, or 19.3 million households, were living in a house or bungalow, while 21.7 per cent, or 5.4 million, lived in flats, maisonettes or apartments, and 0.4 per cent, or 104,000, lived in a caravan, or other mobile or temporary structure, in 2021.

The proportion of households living in a flat, maisonette or apartment increased from 21 per cent, or 4.9 million households, in 2011.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind

Bournemouth 0

Manchester United 2
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How tumultuous protests grew
  • A fuel tax protest by French drivers appealed to wider anti-government sentiment
  • Unlike previous French demonstrations there was no trade union or organised movement involved 
  • Demonstrators responded to online petitions and flooded squares to block traffic
  • At its height there were almost 300,000 on the streets in support
  • Named after the high visibility jackets that drivers must keep in cars 
  • Clashes soon turned violent as thousands fought with police at cordons
  • An estimated two dozen people lost eyes and many others were admitted to hospital 
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Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

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The specs

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

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UAE currency: the story behind the money in your pockets
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Updated: January 05, 2023, 4:24 PM