A sharp decrease in young homeowners is identified by official statistics

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26th January 2015 15:45 - Housing

Official analysis of Britain’s housing market has discovered a decrease in individuals under the age of 30 who own a house.A sharp decrease in young homeowners is identified by official statistics

The analysis by the Office for National Statistics has discovered that by 1991, approximately 65 per cent of those aged 25 to 34 in England had bought their own house.

However, by 2012, the number of homeowners of the same age fell below 45 per cent.  The number of homeowners aged 35 to 44 had also decreased from 80 per cent in 1991, to 65 per cent in 2012.

The analysis also discovered that in the period from 1980 to 1990, a third of 16 to 24 year olds had the financial means to buy their own homes, as opposed to just 10 per cent today.

The Office for National Statistics claimed that the rate of first-time buyers in the United Kingdom reached its highest level some thirty years ago (in 1986). The analysis showed that 1986 was the year when more than 600,000 young people bought a house.

The analysis highlights a substantial generational shift in the demographics of homeownerships. The demographic most likely to own a house today, are those aged 65 to 71. Approximately 80 per cent of those in this age bracket live in privately owned houses.

This finding contrasts with the demographic that were most likely to own a house 25 years ago, with the majority of homeowners being within the 35 to 44 age range.

It was also found that between 1980 and 2012, the number of people choosing to rent in the private sector doubled.

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