Home ownership among young people down by a third

A new report from the Chartered Institute of Housing (CIH) suggests that in England 43 per cent of people aged 25-34 owned their own home in 2012, down from 67 per cent ten years ago.

In the 16-24 age group, home ownership has dropped from 39 per cent to 14 per cent.

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

Overall home ownership fell from 68 per cent in 1992 to 64 per cent in 2012.  Among the 35-44 age group it dropped from 79 per cent to 63 per cent, and for those aged 45-54 it was down from 79 per cent to 71 per cent.

However, among the over 65s it rose from 60 per cent to 76 per cent and among those aged 55-64 from 73 per cent to 77 per cent.

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.”