Lancashire has third highest home ownership in England with South Ribble, Chorley, Wyre and Ribble Valley top of the list.

Lancashire has the third highest home ownership rate out of every county in England, beating the likes of Cheshire, Cumbria, and Worcestershire.

By Nicola Adam
Thursday, 2nd June 2022, 4:55 am

And with an average house price of £196,088, it is also cheaper than most, with an average price of of £274,712 in England

A recent study, commissioned by UK conveyancing solicitors Bird & Co, analysed current figures from the Office for National Statistics to find the number of homes owned - either outright or by a mortgage – vs. homes rented in each local authority.

Each locality was then assigned a percentage home ownership rate and ranked from highest to lowest.

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Lancashire has the third greatest percentage of homeowners

This identified 58 local authorities within 25 counties that make a ‘top 10’ list for home ownership.

The local authorities with the highest proportion of home ownership across Lancashire that made it into the top 10 list included South Ribble at 78%, Wyre 76%, Ribble Valley at 75% and Chorley at 73%.

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Recent internal Bird & Co statistics showing that 71% of conveyancing clients were first time buyers, this implies more and more people are making it onto the property ladder.

Lancashire held the third most areas in the home ownership top 10 with four local authorities - joined by Leicestershire, which also had four local authorities in the top 10 list.

Both counties were beaten by Surrey, which had seven local authorities in the top 10 list, whilst counties including Berkshire, Devon, Kent, Suffolk, and the West Midlands ranked last place, with just one local authority in the top 10 list each.

Currently, the average house price in Lancashire is £196,088, which is lower than the average of £274,712 in England, which could go some way to explaining their top 10 position.

However, if house price was a factor in the home ownership rate, it would be expected areas like Essex and Surrey to have a lower price, whereas they stand at £404,497 and £620,508 respectively. These statistics suggests that house price is not the key factor when it comes to home ownership, say property experts.

Instead it is a combination of factors, for example the high percentage of the Lancashire population within higher age brackets, which may explain this trend.

In fact, the average age range for 50+ year-olds in Lancashire exceeds the average across the UK, which may go some way to explaining the home ownership figures. Generally, older individuals have more equity, and therefore more ability to afford a house, possibly explaining Lancashire’s position in the rankings.

Daniel Chard, Partner at Bird & Co, stated: “Home ownership rates have been a contentious topic for a number of years now, as cost of living continues to rise whilst salaries do not meet the demand. This is making it very tricky for particularly young people to jump on the property ladder these days.

“Despite this, it’s reassuring to see that the percentage of homes owned exceeds homes rented in most localities. Although a number of the houses in this equation may be second homes, we’re pleased to see that many UK citizens have made it into home ownership, despite the challenges faced.”