The UK leads the way in the strength of the mortgage sector and the number of properties bought on loan, according to new research.
Mortgage broker Henry Dannell has analyzed property market data in European foreign countries to find that at 65.1% the UK is in the bottom 10 for the total share of the population who own their own home .
Only France, Sweden, Denmark, Turkey, Austria, Germany and Switzerland are less likely to own their own home, Romania has the highest level of home ownership as a percentage of the total population at 95, 8%.
In terms of the proportion of these owners who borrowed to buy, Iceland ranks first, with 63.9% of all owners having a mortgage.
At 37.5%, the UK ranks 10th in this respect, however, in terms of volume of homeowners financed through the mortgage industry, the UK tops the table.
In fact, Henry Dannell estimates that over 25.2 million homeowners in the UK have currently moved up the ranks with the help of the mortgage industry. Only Germany and France come close to this level, with an estimated 21.5 million and 21 million respectively.
Spain (13.5 million) and the Netherlands (10.5 million) are the only other countries where the number of mortgage owners exceeds the 10 million mark.
At the other end of the table, only 0.5% of all North Macedonian homeowners have a mortgage, which equates to just 10,353 of the homeowner population.
Geoff Garrett, Director of Henry Dannell, comments: “Although house prices are among the most notoriously high in the world, home ownership remains the predominant strain in the DNA of the UK property market. “
“This despite the fact that property values have soared in recent years and we have seen greater acceptance of long-term rentals as a lifestyle choice by younger generations.”
Garrett says the ability to buy with the help of a mortgage has been key in helping many buyers realize their homeownership aspirations.
“While mortgage homeowners make up just under 40% of the total market, that equates to 25.2 million people,” he explains.
“This makes the UK mortgage sector by far the most central and influential in Europe when it comes to providing finance for the purchase of a property.”