Why did outright ownership increase between 2001 and 2011?

The increase in outright ownership between 2001 and 2011 can be attributed to the combination of an ageing population and low interest rates. As the population ages, individuals tend to have more financial stability, often accumulated through savings and asset ownership over their lifetimes. Many older people are more likely to have paid off their mortgages or to have the means to purchase homes outright as they downsize or relocate.

Simultaneously, low interest rates during this period made borrowing more affordable for many, enabling potential homeowners to enter the market more easily. Even though low interest rates usually encourage some level of mortgage financing rather than outright ownership, they may also empower individuals nearing retirement age to make financial decisions that facilitate outright home purchases. Thus, this demographic and economic combination is likely to have contributed significantly to the rise in outright ownership during the specified timeframe.