Mary Creagh

Working hard for Wakefield

  • Home /
  • News / Home ownership a distant dream in West Yorkshire

Home ownership a distant dream in West Yorkshire

Mary has condemned the Conservative Government for presiding over a slump in home ownership in West Yorkshire.

houseprices.jpgAccording to new analysis published by living standards think-tank the Resolution Foundation, home ownership in West Yorkshire fell from a peak of 70% in April 2003 to 60% in February this year.

Drops of 10% in West Yorkshire and 14% in Manchester show that the slump in home ownership is no longer simply a London issue. In the capital, home ownership has fallen only 6% since its peak, albeit to 36%.

The current 64% rate of home ownership is the lowest seen since 1986, although the English Housing Survey found that most tenants would prefer to own a home. The average price paid by a first-time buyer was just under £30,000. The same figure exceeded £150,000 in 2015.

Responding to the findings, Mary said: “From its historic peak of over 70% under a Labour Government in 2003, home ownership has plummeted by 10% in West Yorkshire, exposing the myth that the Tories are the party of home ownership. The cost of a deposit continues to rise at a faster rate than wages, meaning for more and more Wakefield families, owning their own home is an increasingly distant dream. Theresa May needs to commit to tackling this crisis not just in words but through action - her Government has a long way to go.”

The Labour Party will place cookies on your computer to help us make this website better.

Please read this to review the updates about which cookies we use and what information we collect on our site.

To find out more about these cookies, see our privacy notice. Use of this site confirms your acceptance of these cookies.