Home ownership falls by almost 1 million in last decade

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Home ownership falls by almost 1 million in last decade

The number of 25 to 34-year-olds owning their own house has fallen from 2 million to 1.3 million in the past ten years, the latest figures from the census show.

Levels of home ownership have dropped to just 64 per cent overall, its lowest since 1985 when Maggie Thatcher declared that she wanted more people to be able to buy their own home.   Only 40 per cent of young people owned their home in the 2011 survey of households compared with 58 per cent a decade earlier.

Two million young adults rented their property compared with 1.5 million in 2001.   More than 8.3 million of the overall population of England and Wales rent their homes – the highest number since 1961 as rising house prices outstrip incomes.

Those renting from private landlords or letting agents were up 1.7 million to 3.6 million compared with the 2001 census, while those in social housing fell by about 100,000 to 4.1 million.   The Office for National Statistics said the new figures, the first to show how many in each age group are renters or homeowners, suggest a decline in the number of first time buyers.

The age group with the highest number of homeowners was the 65 to 74-year-olds, where 76 per cent have bought the house they live in.

Official figures last month showed the number of grown-up children living at home, who are also known as the ‘boomerang generation’, has jumped by 20 per cent since 1997.

The ONS estimates 1.8 million men and 1.1 million women between the age of 20 and 34 are living with their parents.

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