Under 34 and own a home? UK Property news.
It’s no secret that it’s become increasingly difficult for the younger generations to own their own homes in recent years, but just how much? Well, the Daily Mail reports that in the age bracket of 25-34, there have been drops of over 30% of families owning their homes compared to renting them.
In Southampton for example, in 1994, 64% of young families in this age bracket owned the homes they lived in. In 2016, this number was at 34%. This is a common theme across the UK and not just on the south coast.
Greater Manchester: dropped from 59% to 29%.
Outer London: dropped from 55% to a mere 20%! In 2016 only a fifth of young families were able to afford their property.
South West Region: dropped from 62% to 36%
Of course the main concern with these alarming drops is the fact that these families will not have the asset of a property when the children grow older. When the children leave home and parents reach retirement age they may still not have that key investment behind them. There will need to be a big change across the UK for these figures to be returned to what they once where.