London mortgaged homes have dropped by only 1%, making the capital the area with the lowest reduction in mortgaged homes
A leading specialist in mortgage solutions, Henry Dannell, revealed that the number of homes owned with a mortgage or loan across the property market has dropped over the last five years.
By analysing data about the number of properties currently owned across England with a mortgage or loan and how much of the total market they accounted for, Henry Dannell was able to accumulate these results.
According to the research, there are approximately 6.8 million mortgaged homes in England. Although this figure is high, since 2015 this total has dropped by 3%.
London mortgaged homes have dropped by only 1%, making the capital the area with the lowest reduction in mortgaged homes. In contrast, the West Midlands had the largest decline with a 4% drop.
In addition to this, the research shows that the market share of mortgaged homes accounts for 28% of total dwellings. This is a 2% drop compared to the market total in 2015.
In the East of England, 32% of the total market accounted for mortgaged homes. However, the current figure has dropped by 3%.
In contrast, some areas across England are still reliant on a mortgage. The number of mortgage-owned properties in the London Borough of Tower Hamlets increased by 16% in the last five years, meaning this area had the largest increase.
Other locations that also experienced an increase in mortgage-owned homes include Newham with a 10% increase, Salford with an 8% increase, and Greenwich with a 7% hike.
Director of Henry Dannell, Geoff Garrett, concludes: A reduction in the level of mortgaged owned homes is a positive thing on the face of it, as it means more homeowners outright own their own homes and the equity they would have accumulated within it while living there.