A short post about the death of the British dream
According to today’s Region and Country Profiles from the Office for National Statistics the proportion of UK dwellings that were owner-occupied fell between 2005 and 2010, from 69 per cent to 65 per cent. In fact, that proportion fell in every country of the UK and every region of England:
- England, from 69 per cent to 65 per cent
- Scotland, from 65 per cent to 64 per cent
- Wales, from 74 per cent to 70 per cent
- Northern Ireland, from 72 per cent to 69 per cent
- The East of England, from 73 per cent to 69 per cent
- The East Midlands, from 73 per cent to 69 per cent
- London, from 57 per cent to 51 per cent
- The North East of England, from 65 per cent to 62 per cent
- The North West of England, from 70 per cent to 67 per cent
- The South East of England, from 74 per cent to 70 per cent
- The South West of England, from 73 per cent to 70 per cent
- The West Midlands, from 71 per cent to 66 per cent
- Yorkshire and the Humber, from 68 per cent to 64 per cent
You could argue that this country is too fixated on owner-occupation, that this bolsters social divisions and has led to this country neglecting other forms of savings and investment. I don’t think I agree with all of that, but I do agree that mortgage debt had a lot to do with our current economic problems.
And I think this is an important moment for the ‘squeezed middle’. If the American Dream was that any American could grow up to become a millionaire, the British Dream was that any Brit could grow up to own their own home, with a bit of garden if they wanted. The point when, throughout the country, that dream became less of a reality has got to be significant.
Gareth
Mar 1st 2012, 1:17 pm
So does the TUC support planning reform to increase the supply of housing, lower the cost of housing, and provide construction jobs to boot?