RICS: Fewer people have their own homes

The proportion of households choosing to be owner-occupied is continuing to decrease, an expert has claimed.

Simon Rubinsohn, Royal Institute of Chartered Surveyors (RICS) chief economist, noted that the peak year for it was in 2003, while the private rented sector has steadily increased its share of the market since.

He was speaking after the launch of the Department of Communities and Local Government's English Housing Survey, which found that the majority of people currently in leased accommodation do have aspirations to own their own home.

Nonetheless, without an increase in housing supply these people will find it hard to make it on to the ladder, Mr Rubinsohn remarked, as he expects the imbalance between supply and demand to continue.

The news comes after the organisation revealed that the price of a dwelling was improving, but the cost of secured borrowing is likely to increase in the second half of the year.