New figures have revealed that although homeownership is on the up in the UK, the age of first-time buyers is also increasing.
The annual English Housing Survey has revealed that there was a one per cent year-on-year increase in those owning a home, with 64 per cent of the population having purchased a property. This equates to 14.8 million of the 23.2 million households in England being owned by its occupants.
However, although there has been a yearly increase, it still sits far below the peak of 2003, where 71 per cent of the population were homeowners.
Looking at the figures from 2017-18, the report also revealed that of that 64 per cent of owned homes, 34 per cent were owned outright, whilst the remaining 30 per cent were buying with a mortgage. Compared to the previous period (2016-17), the number of outright owners has stayed the same, whilst those buying with a mortgage has increased by two per cent (up from 29 per cent).
An older first-time buyer
Over the last decade, the number of homeowners aged between 25-34 has fallen significantly. The latest figures show that of those within this age limit, 38 per cent own their home – down from 55 per cent 10 years previous.
The average age of these buyers has increased too, up from 31 years old in the figures from 2007-08, to 33 years old in 2017-18.
Lindsay Judge, senior research and policy analyst at the Resolution Foundation, a think-tank representing those on low and middle incomes, believes that a reliance of the ‘Bank of Mum and Dad’ was also a big influence on ownership levels.
How we are helping the new generation of homeowners
At Avant Homes, we’re always looking to help people take their first steps onto the property ladder. We offer the use of the Help to Buy schemes on our homes – both through the government equity loan scheme and the Help to Buy ISA – and our Bridge range is aimed at making purchasing a home more accessible to first-time buyers.