If you own your own home, you are likely to live longer, according to analysis from the HomeOwners Alliance.
The latest study shows that across most of the UK, there is a direct correlation between homeownership levels and life expectancy. The HomeOwners Alliance found that where homeownership levels are higher, so is life expectancy.
However, homeownership levels have been in decline for the past decade, peaking at 69.7% of the total housing stock in 2002, down to 63.8% today.
High demand for homes is pushing house prices to unaffordable levels, making it incredibly difficult for first time buyers to get onto the property ladder.
Political parties, industry experts and the Government all agree that the underlying cause of the housing crisis is that the country has not been building enough new homes for decades.
Recently, however, the Government pledged to shift focus onto housebuilding, rather than reducing the deficit: /chancellor-hammond-put-housing-deficit-reduction/
Homeownership vs. life expectancy
The decline in homeownership is having, and will increasingly have, profound, long-lasting and adverse economic and social consequences, warns the HomeOwners Alliance.
For example, the organisation explains that fewer homeowners mean greater poverty among pensioners, more social problems for children raised in insecure rental accommodation, poorer living standards among lower and middle-income earners, a higher benefit bill, and further inequality. In addition, as the study shows, it also has an impact on life expectancy.
The only exception to the correlation between homeownership and life expectancy is in London, where life expectancy and homeownership are not strongly linked.
The CEO of the HomeOwners Alliance, Paula Higgins, believes: “Reversing the decline in homeownership should be one of the Government’s highest priorities. We know that homeownership in this country has tangible benefits, including longer and happier lives. But the high costs mean it is out of reach for more and more people, widening the gap between the rich and poor and fuelling social inequality.”
She insists: “The UK urgently needs a functioning and stable housing market, as the current housing situation is deeply unfair.”