Future of an Ageing Population

Current trends indicate a reduction in home ownership rates for more recent birth
cohorts (see Figure 4.7). The proportion of older people owning their own homes
not only varies by cohort, but also between regions of the UK (see Figure 4.8).
In both cases this may have implications for future policies which rely on housing
assets for funding, for example later life care. This may also have geographical
implications, especially on local authorities with lower levels of home ownership.
Percentage owning
their own home
24.7 - 29.5%
29.6 - 32.2%
32.3 - 45.3%
Figure 4.8: Proportion of people aged 65+ owning their home by local authority, 2011 124 .
Traditionally, housing costs have tended to decrease over the life course as
mortgage debt decreases (younger people in 2014 spent on average more than
£100 a week on housing compared to £25 a week for those aged over 60) 123 .
There is a significant negative financial impact throughout the life course on
those who are not able to own their own homes. Compared to mortgagepayers,
private renters spend twice as much of their income on housing (30%
vs. 15% in 2012) 19 . It has been suggested that the diversification of types of
housing being built, and a range of ownership models including for example
co-housing schemes, deferred payment and shared ownership, could help to
address this issue 125 .
P62