Homeownership among young adults dramatically down -especially in the South East

Home Ownership

The proportion of 25 to 34 year olds who own their own home has dropped by 32 percentage points in the South East (from 64% to 32%) and by over 10 percentage points in every other region.

The rate of homeownership among young, middle-income adults in Britain has more than halved over the last 20 years, according to research that highlights growing generational strains in British society.

The falls in homeownership have been sharpest for young adults with middle incomes.

Middle earners born in the 1970s were nearly as likely to buy a house in their young adulthood as their peers on higher wages, but the trend has now bee reversed to the point where middle earners born in the 1980s are now no more likely than those lower down the pay scale to own their own home.

ONLY one in four middle earning young adults now own their own home - down from two in three two decades ago, research reveals today.

The biggest decline in home ownership in the last 20 years has been among middle-income 25 to 34-year-olds, the Institute for Fiscal Studies said.

Twenty years ago, middle-income young adults had home ownership rates much more similar to high-income young adults, the IFS said.

For almost 90% of 25 to 34-year-olds, average house prices in their region are more than four times their annual after-tax family income - and for almost 40% house prices are more than 10 times their income.

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But the government needs to go much further if we're to have any chance of balancing the scales again for young adults. Between 2014 and 2017, 30 per cent of 25 to 34 year olds whose parents were in low-skilled occupations owned their own home, compared to 43 per cent of those whose parents were in higher-skilled occupations.

"Our research shows that first-time buyers can save up for a deposit five years faster by putting their money into property with a property ISA".

She said: "The dramatic shift in the housing market for first time buyers is brought to light with a shocking 38% drop over a 20 year period".

House prices have grown 152% over the last two decades.

The IFS said 25% of those born in the late 1980s owned their own home at the age of 27, compared with 33% of those born in the early 1980s and 43% of those born in the late 1970s.

Figures published by the Office for National Statistics earlier this week revealed that house prices across the United Kingdom increased by 5.2 per cent in the year to December.

Housing minister Dominic Raab MP also told media: 'Through schemes like Help to Buy, we're helping more people on to the housing ladder and previous year saw the highest number of first-time buyers in the United Kingdom since 2006.

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