Rent or buy? New figures reveal housing divide in the East Riding
Three-quarters of East Riding families own their own home, figures reveal.
Office for National Statistics data estimates that 76.5% of households in the East Riding were owners-occupiers in 2019 – the latest available figures.
And more homeowners are living mortgage-free – 43.3% in 2019, compared to 40.6% seven years before.
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 in expensive renting by the high costs of raising a deposit.
Director Anya Martin said: “The main barrier to homeownership is that we have been failing to build enough homes in this country for decades, resulting in rising prices.”
The Ministry of Housing said more than 243,000 homes were delivered last year – the highest number in over 30 years.
A spokesman for the Ministry of Housing, Communities and Local Government said: “We are delivering the homes our communities need and helping many more people get the keys to their own home through our Government-backed schemes including Shared Ownership, Help to Buy and our new 95% mortgage guarantee scheme.”
Artilce by data reporter Federica Bedendo