Proportion of younger buyers hits highest rate for ten years
The proportion of younger buyers in England has hit its highest rate in a decade.
The Ministry of Housing Communities and Local Government’s English Housing Survey for 2018-19 has revealed that the proportion of those aged 25-34 in owner occupation hit 41.2% last year, up from 37.6% in 2017-18.
The figure had declined from 59% in 2003-04 to a low of 36% in 2013-14. It was at 51% in 2008-09.
The same proportion of those aged 25-34 (41%) are also renting.
This suggests that government schemes such as Help to Buy and the Stamp Duty exemptions are providing a boost.
The figures also show the proportion of people aged 55-64 living in the rented sector has increased from 7% to 10% over the decade.
However, despite the rise in younger property buyers, owner-occupation rates remain unchanged for the sixth year in a row, according to the research.
Of the estimated 23.5m households in England, 15m, or 64%, were owner occupiers.
The private rented sector accounted for 4.6m (19%) of households, with another 4m in the social rented sector.
The report found that mortgage deposits have dropped for buyers but rents rose, coinciding with the tenant fees ban.
The average weekly rent in the private sector was £200 last year (£193 in 2017-18) and £341 in London (£312 in 2017-18).
The average deposit was £42,361 (£44,635 a year earlier).