January 2020
Featured in this insight: Financial services
More young people are owning their homes: According to figures published in the latest English Housing Survey there has been an increase in the number of young people who own their own home - rising to the highest level in over a decade.
The detailed annual survey which compiles data about housing and stock, found that in the latest version (2018/19), 41.2% of young people aged between 25 and 34 own their own homes, up from 37.6% in 2017/18.
After home ownership amongst younger people reached 59% in 2003/2004 it then faced a decide of decline falling to just 36%.
Analysts have suggested that the government's Help to Buy scheme (launched in 2013) as well as stamp duty relief have contributed to the rise in young people getting onto the property ladder, according to The Guardian.
The research also found that the number of first-time buyers who have used their own savings to finance a house purchase has risen to 85%, up nine percentage points since the previous year (76%).
In terms of mortgages taken out, 45% had a loan with a term of 30 years, while almost half (49%) agreed a shorter term of between 20–29 years.
The average age of a first-time buyer remained the same as it was last year, at 33.
Overall, the survey revealed that in England last year, 64% of households were made up of owner-occupiers, while almost a fifth (19%) were rented privately and 17% were rented from social landlords. There has been little change in this breakdown since 2013/14.
Overcrowding in private and social rented sectors
When it comes to social housing, the survey found that 8% of tenants were living in overcrowded accommodation, with 318,000 households affected – a rise from 305,000 in 2017/18. The findings also showed an increase in overcrowding in the private rented sector, increasing from 261,000 in 2017/18 to 283,000 in the latest survey.
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