This is an interesting statistic when you compare Grantham with the national picture.
In Letchworth, 28% of homes are owned with a mortgage, compared with the UK average of 29%. At first glance that might not seem like a dramatic difference, yet figures like this quietly tell us a lot about the make up of the Letchworth housing market.
When looking at housing tenure in Letchworth, it helps to remember that homes generally fall into four broad groups. Homes that are owned with a mortgage, homes that are owned outright without a mortgage, homes that are privately rented, and homes that are socially rented from local authorities or housing associations.
A higher proportion of homes owned with a mortgage often suggests a town with a stronger presence of younger or middle aged homeowners. These are typically homeowners who are still working through their mortgage years, moving up the ladder, or trading homes as family circumstances change.
By contrast, areas with a higher percentage of homes owned outright without a mortgage often reflect a more mature population. These are usually homeowners who bought many decades ago and have now paid off their borrowing.
The other part of the mix is the rental market. Many homes in Letchworth are rented privately from landlords, while others are rented through social housing providers such as housing associations or the local authority.
When you put all those pieces together, the balance between mortgage owners, outright owners and renters helps explain the character of the Letchworth property market and how it compares with the national picture.