City of Wells is where you’re most likely to own outright in UK

A new study by SlotsUp, which delved into recent census data, reveals surprising hotspots where homeowners are most likely to own their properties outright.

Topping the list is the historic city of Wells, where a notable 44.7% of homes are owned outright. Other cities known for their unique charm and cultural heritage, such as Chichester and Lichfield, also rank highly, while major urban hubs like London and Manchester fall significantly behind.

SlotsUp notes: “It’s interesting to see that smaller, historic cities like Wells have a significant proportion of outright homeowners. This could be attributed to their appeal among older demographics who have paid off their mortgages and settled into quieter communities.”

The 10 cities with the most homes owned outright:

1. Wells - 44.7%
2. Chichester - 42.0%
3. Lichfield - 41.4%
4. Ripon - 40.0%
5. Lancaster - 38.6%
6. Canterbury - 38.4%
7. Chester - 37.1%
8. York - 36.8%
9. Truro - 36.5%
10. Bath - 36.4%

Following Wells, Chichester comes in second with 42.0% of homes owned outright. Known for its Roman roots and a blend of rural and urban living, Chichester attracts many who seek a balance between city amenities and countryside peace.

Similarly, Lichfield, a Staffordshire city famous for its three-spired cathedral, holds third place with 41.4% of properties owned outright. Both cities share the characteristics of strong local heritage, attractive landscapes, and a preference among established homeowners.

On the other end of the spectrum, major cities known for their dense populations, bustling industries, and high property prices rank low for outright home ownership. Manchester, a city synonymous with rapid development and vibrant culture, sees only 16.5% of homes owned outright. Westminster, despite being a heart of political power and luxury, holds the lowest rank at just 16.0%.

“Big cities like Manchester demonstrate the challenges of outright home ownership in environments where the cost of living is high, and younger populations dominate,” says SlotsUp. “These areas often see residents relying on renting or long-term mortgages due to inflated property prices.”

The UK capital itself, London, shows that just 22.7% of homes are owned outright, a clear indicator of the financial hurdles faced by those aspiring to own property within the city limits.

The 10 cities with the least homes owned outright:

1. Westminster - 16.0%
2. Manchester - 16.5%
3. Durham - 19.4%
4. Salford - 22.0%
5. Norwich - 22.2%
6. Nottingham - 22.4%
7. Southampton - 22.5%
8. London - 22.7%
9. Kingston-upon-Hull - 23.1%
10. Milton Keynes - 24.0%

SlotsUp summarises: “These findings reveal more than just numbers; they tell the story of how different parts of the UK value home ownership and the lifestyle it enables. For some, it’s a symbol of financial security and independence, while for others, the dream remains just out of reach due to economic realities.”