Property

Home ownership among young people on the rise

Warren Lewis
|
23rd January 2020
FTB 777

Data released by the Government's latest English Housing Survey has revealed that, after over a decade of decline, the proportion of 25-34 year olds who own their own home has increased.

Government figures indicate that there are now equal proportions of 25-34-year-olds living in the private rented and owner-occupied sectors.

During 2018-19, 41% of 25-34-year-olds lived in the PRS and a further 41% were owner-occupiers.

Between 2003-04 and 2013-14, the proportion of 25-34-year-olds in owner-occupation decreased from 59% to 36%. Meanwhile, the proportion of 25-34-year-olds in the private rented sector declined from its peak at 48% in 2013-14 to 41% in 2018-19.

Despite this, the figures show that the number of first-time buyers dipped from 785,000 in 2017-18 to 727,000 in 2018-19.

Marc von Grundherr, Director of lettings and sale agent, Benham and Reeves, commented: “Despite all that we hear of the plight of the first time buyer, it seems that statistically speaking they’ve rarely had it so good. Homeownership amongst youngsters is on the up and no doubt heavily influenced by Help to Buy, record-low mortgage rates and the Bank of Mum and Dad.

"Either that or perhaps millennials have heeded the advice of consumer experts and some estate agents and have indeed cut back on avocados and trips to Ibiza, saving their earnings for a home purchase instead.

"The even better news is that foot soldiers of Extinction Rebellion can now unglue themselves from various items of London transport, because housing, one of the biggest climate change protagonists, is officially significantly less harmful to the planet than a decade ago. This means that we don’t need to switch our central heating off just yet in order to placate Greta & Co.”

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