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Self-employed people ‘more likely to own their home’

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There is a commonly-held view that it’s harder for self-employed people to get on the property ladder, due to the difficulty of securing a mortgage.

This in turn (so the perception goes) means that if you’re self-employed you are less likely to own your own home and might have to settle for a lifetime of renting.

Indeed, there is anecdotal evidence that the fear of being frozen out of the property market has put some people off the idea of self-employment, or forced some freelancers and contractors to take a permanent job.

New figures, however, expose as a myth the idea that home ownership is out of reach for self-employed people.

Home ownership and self-employed people

The Office for National Statistics (ONS) has released data showing that nearly 75% of self-employed people aged 35 – 54 have some form of “property wealth”.

That’s actually higher than the proportion for their employed counterparts in the same age bracket, for whom the rate stands at 73%.

Furthermore, the ONS data also reveals that just 18% of employed 35 to 54-year-olds have property wealth of at least £250,000, compared to 27% of their self-employed peers.

The statistics were reported by The Times newspaper.

Myth busting

Commenting on the figures, ADVANCE managing director Shaun Critchley said: 

This news will come as a surprise to many. It just goes to show that, as the world of work changes, old assumptions about the challenges of being self-employed no longer hold true. Many of the obstacles that used to stop people making the leap from employment to self-employment are gradually being eroded.

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