New figures released by the government reveal that the number of young people who have become homeowners has risen, reversing a 10-year plus trend.
The most recent English Housing Survey indicates that, among people in the 25 to 34 age range, the level of home ownership stands at 41%. This follows a period from 2004-14 when the percentage of people in this bracket who owned their own homes fell to 36%. However, although the number of young homeowners has risen is positive, there is still some way to go before it hits the 59% high of the period before 2004.
Furthermore, it is balanced out by the fact that the survey also revealed that there was a drop in the number of young people who bought their first home last year. The number for 2017-18 was 785,000, but it fell to 727,000 during 2018-19.
Speaking to Financial Reporter, Project Etopia founder Joseph Daniels stated that the numbers of young people able to afford to buy was still a real concern, due to property prices, but argued that there was at least evidence of an improvement. He went on to add:
“This points to a welcome softening in affordability issues but much more progress needs to be made. It will take considerable time and momentum until owner occupancy among younger people returns to the 59% seen in 2003-04.”
The tough housing market for young first-time buyers makes the guidance that mortgage advisors with CeMAP training are able to offer especially vital.
