Wrinklies driving home ownership growth
New government statistics reveal a rise in the number of single households as the single biggest factor accounting for around 70% of household growth until 2026.
The figures also show higher levels of household growth in the North and the Midlands and a levelling-out of growth in the wider south east compared to previous projections - providing more evidence that economic growth is spreading throughout the country.
Communities and Local Government’s New Projections of Households for England and the regions to 2029 shows the number of households is projected to rise by 223,000 new households each year.
The new figures show an annual rate of growth from 2004 to 2026 of 223,000, compared with 209,000 in the last estimate in 2003.
The number of households in England is projected to increase from 21.1 million in 2004 to 26.0 million in 2026 and to reach 26.5 million in 2029.
The key reason for the growth is the continued rise in the number of single households, amounting to 155,000 of the 223,000 of projected growth (70%). More than one third of these one person households are over 65 years reflecting an ageing population and an increasing average life expectancy, now projected at record highs of 81.6 years and 85.2 years for men and women respectively. These figures reflect a significant increase in male life expectancy in the last few years.
Net international migration continues to account for a third of household growth.
Housing minister Yvette Cooper said: "These figures show why it's right to build more homes to meet the needs of the next generation. We have a growing population with people living longer and more of us are living alone.”
"These figures show the need for more homes is not restricted to London or the South East. Increases in jobs and economic prosperity across the Midlands and the North are increasing demand for housing nationwide.”
"If we don't build more homes we will see house prices rising even higher, with young people struggling to afford a home of their own."
New government statistics reveal a rise in the number of single households as the single biggest factor accounting for around 70% of household growth until 2026.
The figures also show higher levels of household growth in the North and the Midlands and a levelling-out of growth in the wider south east compared to previous projections - providing more evidence that economic growth is spreading throughout the country.
Communities and Local Government’s New Projections of Households for England and the regions to 2029 shows the number of households is projected to rise by 223,000 new households each year.
The new figures show an annual rate of growth from 2004 to 2026 of 223,000, compared with 209,000 in the last estimate in 2003.
The number of households in England is projected to increase from 21.1 million in 2004 to 26.0 million in 2026 and to reach 26.5 million in 2029.
The key reason for the growth is the continued rise in the number of single households, amounting to 155,000 of the 223,000 of projected growth (70%). More than one third of these one person households are over 65 years reflecting an ageing population and an increasing average life expectancy, now projected at record highs of 81.6 years and 85.2 years for men and women respectively. These figures reflect a significant increase in male life expectancy in the last few years.
Net international migration continues to account for a third of household growth.
Housing minister Yvette Cooper said: "These figures show why it's right to build more homes to meet the needs of the next generation. We have a growing population with people living longer and more of us are living alone.”
"These figures show the need for more homes is not restricted to London or the South East. Increases in jobs and economic prosperity across the Midlands and the North are increasing demand for housing nationwide.”
"If we don't build more homes we will see house prices rising even higher, with young people struggling to afford a home of their own."
posted by tony at 4:34 PM
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