According to the latest research, the number of 25-34-year-olds who own their own property has increased after more than a decade of decline.
The data obtained from the Government’s latest English Housing Survey found that during 2018/19 found that 41 per cent of 25-34-year-olds were owner-occupiers and a further 41 per cent lived in the private rented sector.
These figures represent an increase after more than ten years of decline. Between 2003/04 and 2013/14, the number of 25-34-year-olds who own their property decreased from 59 per cent to 36 per cent.
Housing analysts said the government’s help-to-buy scheme, which launched in 2013 and gave financial support to homebuyers, had contributed to the increase in young people getting on the property ladder, along with stamp duty relief for some first-time buyers.
Despite this, the number of first-time buyers decreased from 785,000 in 2017/18 to 727,000 in 2018/19 this is largely believed to have been down to uncertainty over the UK exit from the European Union.
Joseph Daniels, the Founder of Project Etopia, which develops modular homes said: “Help-to-buy and stamp duty relief are behind the march of the first-time buyers, who will be powering a recovery in homeownership in this age bracket.
“Falling homeownership among the young still threatens to become a national crisis rooted in high property prices and stretched affordability but the tide has finally started to turn.”
The Housing Secretary, Robert Jenrick, welcomed the rise in the proportion of young people owning their home.
