Homeownership among young adults dramatically down -especially in the South East

One in four middle-earning young adults own their own home – down from two in three 20 years ago, claims report

Home ownership among young adults has 'collapsed' – study

The research found that over the twenty year period, the share of this demographic who own their own home has shifted closer to the percentage for the lower income group (8%), than that recorded for the higher income group (64%).

Two decades ago, less than half of young adults lived in a region where house prices were more than four times average income.

'Home ownership among young adults has collapsed over the past 20 years, particularly for those on middle incomes.

Overall, whether they are rich or poor, today's young adults are much less likely to own their own home than those in their place one or two decades ago.

Christopher Furlong via Getty Images                   Labour's John Healey has said the report is a'wake up call for the government
Christopher Furlong via Getty Images Labour's John Healey has said the report is a'wake up call for the government

The level of homeownership among young adults has "collapsed" over the past 20 years, with the sharpest decline felt among people on middle incomes, a think tank said yesterday.

The finding tallies with an earlier warning from the IFS that wealth is likely to become more concentrated in older people as the young struggle to buy homes at a time when they are having to pay more towards pensions and bear the brunt of weak wage growth since the financial crisis.

As a outcome, those born in the late 1980s are much less likely to be able to buy their own homes.

The IFS's research also suggests that a person's background still has an impact as to whether they end up owning their own home, and how soon.

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The average cost of a home across the country was £227,000 in December, which is £12,000 more than at the same point a year earlier.

One of the report's author's, Andrew Hood - a senior IFS research economist - said soaring house prices were part of the problem.

The IFS study also comes as UK Finance figures showed that first-time buyer (FTB) numbers past year reached the highest number since 2006, with 365,000 people getting on to the property ladder. "The reason for this is that house prices have risen around seven times faster in real terms than the incomes of young adults over the last two decades".

"But we want to go further and faster and our ambitious plan backed by targeted investment will help even more people by delivering the homes Britain needs for young families, key workers and those on low and middle incomes", he added.

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John Healey, the shadow housing secretary, said the report was as a "wake-up call" for the Tories. After nearly eight years of failure on housing, the Government is still failing to tackle the fundamental problems with our broken housing market.

In theory this could save a first-time buyer up to £2,000 on the price of their property.

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