Young home owner statistics from CIH

Increased demand in the Private Rented Sector are reflected with by the latest data from the from the Chartered Institute of Housing (CIH). It shows that property ownership by the young has dropped by a third over the past twenty years. Just 43 per cent of people aged 25-34 in 2012  owned their own home compared to 67 per cent in 1992.

In the younger age bracket of 16-24, it has dropped, from 39 per cent to 14 per cent.

CIH chief executive Grainia Long said: “For millions of young people, the dream of home ownership remains just that – an unachievable dream. The country’s chronic shortage of affordable homes to buy means they are being denied the same opportunities enjoyed by their parents and grandparents.”

The decline in home ownership is putting increasing pressure on private rented housing, which accounted for 4.1 million homes in England in 2011, up from 1.7 million two decades earlier.

Grainia Long said: “In many parts of the country rising demand in the private rented sector is pushing both rent and house prices ever higher, making it even harder for young people to save for a deposit – while the deposit they need to get a mortgage becomes even larger.”

Overall home ownership dipped from 68 per cent in 1992 to 64 per cent last year. Among the 35-44 age group it has dropped from 79 per cent to 63 per cent, while for those aged 45-54 it was down from 79 per cent to 71 per cent.

For older people however home ownership is on the rise – among the over 65s it jumped from 60 per cent to 76 per cent while among those aged 55-64 it rose from 73 per cent to 77 per cent.

Read full report by Chartered Institute of Housing (CIH)

Landlord insurance here - discounted portfolio rates