Home ownership among young people rises for the first time in ten years in boost for housing market
- English Housing Survey found home ownership among millennials is on the rise
- Proportion of 25 to 34-year-olds who own home jumped by 9.6 per cent last year
- Homeowners in the 35 to 44-year-olds category fallen by 17.9 per cent over the past decade
Home ownership among millennials is on the rise again after more than a decade of decline.
The proportion of 25 to 34-year-olds who own their home jumped by 9.6 per cent last year, according to the English Housing Survey.
But the data reveals that 35 to 44-year-olds may have been the real victims of the financial crisis.
Data from the English Housing Survey has found that the proportion of 25 to 34-year-olds who own their home jumped by 9.6 per cent last year. (Stock image)
The proportion of homeowners among this age group has fallen by 17.9 per cent over the past decade.
Analysts said the ‘Bank of Mum and Dad’, which is estimated to be the tenth largest home finance provider in the UK, was a major factor behind the contrasting fortunes.
Property expert Henry Pryor said millennials’ parents were likely to have profited most from soaring house prices in London and the South East up until the financial crisis of 2008 – and could get their children on to the property ladder.
The proportion of 25 to 34-year-olds who own their home jumped by 9.6 per cent last year, according to the English Housing Survey
But he said parents whose children are now aged 35 to 44 would have been hit by the crash just when they might have been looking to do the same. Mr Pryor added: ‘That generation may have missed that particular boat.’
In the decade up to 2013-14, the proportion of homeowners among 25 to 34-year-olds fell from 59 per cent to 36 per cent.
Since then, the figure has recovered to 41 per cent, with the biggest spike recorded last year.
Homeowners in the 35 to 44-year-olds category fallen by 17.9 per cent over the past decade. (Stock image)
Meanwhile, the proportion of homeowners among 35 to 44-year- olds has fallen from 67 per cent in 2008-09 to 55 per cent in 2018-19.
Lucian Cook, of estate agents Savills, said: ‘Parents are increasingly of the view that they have to help their children on to the housing ladder and are making financial plans for that.
‘However, those of a slightly older generation might be looking at living costs in retirement and perhaps don’t see getting their children on to the housing ladder as a priority.’
Experts also said government schemes targeted at young people such as Help to Buy and stamp duty relief for first-time buyers were starting to take effect.
Housing Secretary Robert Jenrick said: ‘We’re doing everything we can to make the dream of homeownership a reality for more people and it’s great to see this is happening for more young people who have taken that first step on to the housing ladder.’