Market research reveals young home ownership dip
New market research has shown that the figures for home ownership have reached an all time low – especially for young people.
The latest market research figures on home ownership revealed that just 1 in 5 people under the age of 25 own their own home. This compares to almost 50% of under 25s just two decades ago.
As part of a report, following the housing market research, the government are being urged to tackle the shortage of affordable homes. The lack of affordable housing means that the average deposit for a mortgage is now two thirds of somebody’s annual income – rising to an eye watering 131% in London.
Further market research, published in the Guardian, looked at why a generation of millennials are not buying their own homes and how some are not even renting. Apparently last year was the first time that living with your parents became the new ‘normal’, with a record 36% of young people doing so – particularly males, according to online surveys. Market research blamed student loans and the cost of education, coupled with high house prices requiring large deposits, as the reason for the decline in moving out from home. Although it’s true that employment rates are good, pay scales have not risen anywhere near in line with house prices.
So what does this mean for young people in the UK? Our previous article looked at why 74% of young people taking an online survey said it is much harder for them to get onto the property ladder than it was for their parents, which paints a bleak picture for millennials who want to have their own home. But with renting the second most common housing arrangement for young people (after living with family) will owning their own home simply be a pipe dream?
There is a published list of current schemes to help first-time buyers – but it’s clearly not enough, if the market research is anything to go by. Which is why the Guardian are using market research to look at what a generation of renters will mean for the future of the UK. But with high rental prices and an overall shortage of housing, perhaps this won’t be something we will have to worry about unfortunately. Better warn Dad he may not be getting that spare room back any time soon.
What do you think? Have you been able to afford your own home? Do you dream of owning but are struggling to get onto the ladder? Are you stuck renting, or do you just want to move out from mum and dad? We’d love to hear your thoughts and experiences on our Facebook page. And don’t forget to have your say in exchange for earning cash with paid surveys and online market research at Opinion Outpost UK today.