Number of Young Homeowners Fell Sharply Over Last 10 Years


February 2016

Number of Young Homeowners Fell Sharply Over Last 10 Years

A new study commissioned by the Labour party has revealed that since 2010, the number of homeowners under 35 has fallen by 280,000.

The figures, released in advance of the Labour party 's housing review, is further evidence of the "freefall" in rates of home ownsership, said shadow housing minister John Healey.

Healey went on: "what used to be a natural part of growing up is becoming a luxury for those on the highest salaries, or whose parents have the deepest pockets."

He added that "it would be Labour 's first priority in government to change that."

Young (under 35), working class households saw the sharpest drop in terms of percentage, with 68,000 fewer homeowners amounting to a fall of 20%.

Among young professionals there are 150,000 fewer homeowners than there were in 2010.

For those over 35 though, the number of households who actually own their home has gone up by 68,000, perhaps demonstrating the generational gap in home ownership that is entrenched by rising prices making it increasingly difficult for younger people to get on the property ladder.

The government have responded to the study, pointing to the increased number of newly built homes during the Conservative parliament as indications of success in the field in which Labour have pointed out a failure.

A statement from the Department for Communities and Local Government read: "We want to ensure that anyone who works hard and aspires to own their own home has the opportunity to do so and in the last year alone we have already seen a 25% increase in the number of new homes built."

Figures released last year by the Official for National Statistics showed the rate at which home ownership has fallen since 1992, when a third of all 16-24 year olds owned their home.

Home ownership (or rather, a lack thereof) has been a hot topic of late as rates plummet in the wake of rising house prices, outstripping wage growth across the board.

While recently, George Osborne has been attempting to make inroads into a solution to the problem, this latest study shows that, at least in the opinion of Labour MPs, it may all be too little too late.