Low mortgage rates and economic stability have increased the number of home owners by over one million since 1997. However, rising house prices have created pressure for first-time buyers. Kate Barker's review of housing supply showed that the industry had not been building enough homes to meet demand for over a generation.
The annual rate of new housing supply has increased by 40 per cent. since 2001 but we plan to go further in order to address the long-term problems of worsening affordability and help more people realise their aspirations to own their own home.
Estimates of the level of home ownership in England from 1996 to 2006 are shown below. This is based on a sample survey and so results can fluctuate from one year to the next.
Number (Thousand) 1996 13,521 1997 13,587 1998 13,783 1999 14,021 2000 14,267 2001 14,284 2002 14,454 2003 14,574 2004 14,576 2005 14,646 2006 14,621 Source: Office for National Statistics, Labour Force Survey