Homeownership rates have plummeted among the young

Rising house prices have delayed the age when British adults become homeowners by at least eight years since 1997, according to official figures. The Office for National Statistics said it now took until the age of 34 for more than half of the population to own their own home, compared to 26 in 1997. Over the period, house prices in Britain have skyrocketed by more than 270% - with a significant acceleration since the financial crisis a decade ago. The ONS study also revealed that the average home ownership age had been 28 as recently as 2007, meaning the bulk of the shift has taken place in the past decade. Factors exacerbating the housing issues facing millennials include the rising cost of entry-level property and the introduction of stricter mortgage lending rules, according to the ONS. Over the past 20 years, renting has also become more common across all age groups except the oldest, with the biggest change for those aged between 25 to 34 in 2018, with 55% renting, up from 35% in 1998.

The Guardian (18/02/2019) The Times (18/02/2019)   The Daily Telegraph (18/02/2019)