Highest Homeownership RatesThe UK lies well outside the top 35 countries when it comes to the percentage of people that own their property. It’s in Eastern Europe where the highest percentage of homeowners live, with a staggering 96.4% of households owning their property in Romania.That’s almost six percent higher than the second highest rate of homeownership which belongs to Singapore (90.8%) and a huge 23% higher than the UK. Interestingly, Ireland also has a higher rate than the UK by around 4%, while neighbours the Netherlands (67.8%) and Belgium (71.4%) also have a higher rate of ownership than this country.
The Top 10 Countries With Highest Rate Of Property Ownership:
Average House Prices Around The WorldIn the UK, the average cost of a property currently stands at £232,797 or around £2,678 per square metre, which is a significant amount more than in Romania, where property costs around £836 per square metre.
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Average Wage Around The WorldPutting homeownership into context relies heavily on placing earnings beside the price of housing. This gives a much better understanding of why other countries have a much higher level of ownership than within the UK. In the UK, the average monthly wage after tax is around £1,800 which equates to around 67% of the average price per square metre, and 0.77% of the total average price of a home. The average is incredibly higher in the UK than most countries within the top 10. However, such is the price of UK property, is that it would take over 10 years to purchase a home, excluding any cost of living, bills, etc. That figure is naturally much lower in other countries as well as more homes expected to be inherited and stay in the family. In India for example, 57% of people live in homes that have been inherited, while 38% are homes purchased or constructed themselves. This is a similar story across many countries in Eastern Europe and is a large reason as to why the homeownership percentage is so high in these nations.
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