Home ownership out of reach for young families

The average age of a renter is now 41 - nine years older than a typical first-time buyer, new research shows, while more Brits live in private rental homes compared to ten years ago. The number of 35 to 44-year-olds renting has increased from 17 to 27%. Only 56% of the same age group are home owners, down from 67% a decade ago, the English Housing Survey shows. It also revealed the number of people owning a second property has risen from 1.81m to 2.44m in the past ten years. For the majority, 39%, this is a holiday home. Meanwhile the average age of someone with a mortgage is 45.6 years old, while those that are outright owners tend to be older at almost 68 years. The intergenerational wealth gap is benefiting some, with 1.13m homeowners saying they had help buying their home with a loan or gift from family. Londoners save more for their deposits: despite the high property prices in London only 13% of first-time buyers in the capital bought with a deposit of less than 10% compared with 27% elsewhere in the country. 

The Times (10/07/2021)