New Report Highlights Fall In Homeownership Amongst 25 Year Olds.
Published: 22nd December 2016
A new report released today has shown that the level of home ownership amongst 25 year olds has fallen by more than half over the course of the past 20 years. The report, carried out by estate agents Savills for the Local Government Association summarised that a 'renaissance' in house building by local councils was now required to cater for the huge demand in affordable homes throughout the UK.
According to the figures, just under 20% of those under 25 years old now owned their own property, compared with 46% twenty years ago. According to the Local Government Association, private renters pay 34% of their household income on rent, with homeowners spending an average of 18% of their household income on their mortgage payments.
Region disparities within the UK property market were also highlighted within the report, with the average deposit required for a mortgage being 62% of annual incomes, rising to 131% in the Greater London region.