The amount of individuals owning their homes in Northern Ireland has dropped by 10.5% in 10 years — the biggest fall of any UK area.
The Resolution Foundation has discovered that the number of people who own their home in the UK has fallen since their highest point in the early 2000s.
However, although the figures have dropped for the UK entirely, Northern Ireland was the largest casualty with a fall of 10.5% from its peak in November 2006 of 73.5%.
Simon Brien (owner of Simon Brien Residential) commented on the percentage downfall explaining that Northern Ireland‘s property market is different compared to the rest of the UK and has experience a range of inclines and declines since the year 2000. Due to this uncertainty, first time buyers were reluctant to purchase their first home and therefore chose to rent.
For more information on home ownership in the UK property market, read the full article here.