Young Adults Owning Homes Decline

Young Adults Owning Homes Decline.

The English Housing Survey has showed that a number of young adults are pushed out of the property market when looking to purchase their first property. This has led to more and more younger people having to rent instead.

Since the financial crisis, there has been a decline in the number of those aged under 35 owning their home. The number of people within this age range that had a mortgage in 2008-09 stood at 21%, since then that number has declined with only 18% having a mortgage in 2012-13.

This has meant that more young adults have to use more of their income to pay for their home. On average in 2012-13 home owners spent around 20% of their income on their mortgage, while private tenants spent 40% of their income on rent.