According to recent findings, in the past year UK private rents saw an increase of 8.6%, while house prices increased by 2.2%. So, are we currently preferring to buy or rent in the UK?
To find out more about the home vs rental split across the UK, rental statistics experts Alan Boswell Group decided to discover what the home ownership vs rental split looks like in each of England’s nine regions.
The following information is part of a wider study, examining the current state of the UK’s rental market, which can be found here.
Key findings
- The East Midlands is the region with the highest percentage of homeowners vs renters – 81.5%.
- With 81.4% homeowners vs renters, the South West ranks second in the study.
- London is the English region with the lowest percentage, 61.3%, of homeowners vs renters.
- In total, homeowners in England amount to 71.9%.
Homeowners vs renters ratio in each English region
Taking the top spot for the region with the highest percentage of homeowners vs renters, 81.5%, goes to the East Midlands, where 1,477,000 residents own their homes – a 124,000 increase from 2018/19. Private renters in the region stand at 336,000 – the second lowest out of all nine regions, right after the North East (205,000).
Following very closely behind in second place is the South West, having 81.4% homeowners vs private renters. The region has 1,816,000 residents who own their homes. Homeowners have increased by 123,000 in the past five years, while private renters have decreased by 59,000 and are currently 415,000.
With 81.1% homeowners vs private renters, the East of England comes third. Boasting the third highest number of homeowners, 1,863,000, the region’s seen an increase of 105,000 since 2018/19. On the other hand, private renters have decreased by 4,000 in the past five years and now amount to 433,000.
Home to 80.1% homeowners vs private renters, fourth is the South East. This is actually the region with the most homeowners, where 2,752,000 residents own their homes – a 160,000 owners increase from 2018/19. While private renters in the region are 684,000 – the second highest in the country.
And rounding off the top five, with 80.0% homeowners vs private renters, is the West Midlands region. People who own their homes there amount to 1,643,000. Both the homeowners and the private renters have increased in the past 10 years. Homeowners went from 1,527,000 to 1,643,000 and private renters – from 363,000 to 411,000.
Heath Alexander-Bew at rental statistics experts Alan Boswell Group provides insight on the current state of the property market:
“With UK average property prices increasing by 2.2% between May 2023 and May 2024, many people still find it challenging to purchase a property. Furthermore, in the period between June 2023 and June 2024 the average private rent costs in the UK experienced an even bigger increase of 8.3%.
“The latest figures show that the highest percentage of homeowners compared to private renters (81.5%) in England is found in the East Midlands region, which also has the second lowest number of private renters after the North East.
“Perhaps unsurprisingly, London is the English region with the lowest percentage of homeowners vs private renters (61.3%). The high property prices in the region lead to a lot of people opting to rent, rather than own, which in turn can explain the small difference between the number of homeowners and the number of private renters there.
“As there continue to be uncertainties surrounding the UK’s property market, people, regardless of whether looking to buy or rent, should keep a close eye on any changes and do extensive research to inform themselves as much as possible before making any final decisions.”