Will just 25% of 25-34 year olds own their own home by 2020?

In what is interesting news for the buy-to-let sector, recent research from Sellhousefast.uk reveals that homeownership amongst 25-34 year olds has slipped significantly in the last decade.

Data from the report shows that the level has slipped from 59% to 37% today. The Council of Mortgage Lenders suggests that by 2020, only 25% of 30 year olds will own their own property.

Ownership

The research, conducted in conjunction with Savills, found that just 16 out of 348 council districts across England and Wales offer a single buyer on an average income the chance to buy independently. None of these regions are in the South of England.

Unsurprisingly, the data found that single buyers are being priced out of Greater London, the East and the South East completely, with prices here spiralling.

Average prices here were found to be:

  • Greater London- £483,803
  • East-£281,513
  • South East-£316,026
Will just 25% of 25-34 year olds own their own home by 2020?

Will just 25% of 25-34 year olds own their own home by 2020?

When Northern locations are factored in, the differences are apparent:

  • North West-£152,259
  • Yorkshire and the Humber-£154,985
  • West Midlands-£181,328
  • Wales-£148,177

Progression

Robby du Toit, director of Sellhousefast.uk noted: ‘Evidently the housing market is in dire straits and there isn’t really any way around it. Collectively, we need to push through it. Take advantage of every available opportunity; whether that means raising housing issues locally, or politically to promote change; seek advice from property professionals and attempt to save where possible. Positively, there is movement and progression – such as the recent Government Housing White Paper for England, which outlines ways in which first-time buyers will be supported. Now more than ever, it’s important to stay informed and to continue to hope that change is on its way.’[1]

 

[1] http://www.propertyreporter.co.uk/property/new-data-predicts-that-by-2020-only-25-of-30-year-olds-will-own-a-home.html

 

 

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