At last weeks meeting of the Fabian society, John Healey, Britain’s housing minister, gave a speech reiterating what analysts of the UK property and real estate sector have been saying for several months, namely that fewer UK residents are choosing to own a residential property and more are turning to the private rental sector for accommodation.

Whilst more than 71% of all homes in the United Kingdom were still owner-occupied seven years ago, this figure fell to 68% during 2009, and the trend shows every sign of continuing.

Healey noted that home owning simply does not have the same aura of importance attached to it as it did in previous years.
Healey also stated that he does not see this trend as negative at all and does not believe that this change in perception started with the recession, since statistics show a decline in home ownership and a move towards the private rental sector dating back to 2005 pointing to the fact that renting in continental Europe has been very popular, even when owning a home seemed like a necessity in the UK

Positive changes are also taking place within the homeowners market, due to the number of UK residents holding massive mortgages falling. Whilst the number of homeowners with no such debt is beginning to rise.

Savills research director Yolande Barnes has observed that the number of homeowners that are mortgage slaves is decreasing and experienced property owners are the most likely to pay off their remaining balances. This is a trend that also started before the recession hit. In 2008, one million more UK residents owned homes without any mortgages than in previous years.