Home ownership among those under 25 has more than halved in the past 20 years, research from the Local Government Association (LGA) has revealed.
The organisation explained that 20 years ago, almost half (46 per cent) of those under 25 owned their own home, however, this percentage has fallen to to just 20 per cent in 2016.
As a result, the LGA is stressing the importance of providing more affordable and social housing to rent in order to enable people to save up the deposit necessary to get on the property ladder.
LGA spokesperson Martin Tett commented: “A shortage of houses is a top concern for people as homes are too often unavailable, unaffordable and not appropriate for the different needs in our communities.”
Analysis by Savills, conducted for the LGA, found that the number of social rental homes constructed in 2015/16 is 88 per cent lower than in 1995/96, while the average private renter currently pays 34 per cent of their total household income on rent.
This increases to 51.5 per cent once state financial support is taken out of the equation. By comparison, homeowners spend approximately 18 per cent of their household income on their mortgage payments, and those without a mortgage have no costs at all.
Earlier this month, figures from the Council of Mortgage Lenders showed that the number of people taking out a mortgage in October this year fell by 11 per cent when compared to 2015.
Formerly Beercock, Wiles & Wick, Beercocks is a family-run estate agents that covers the Hull, Beverley, East Riding of Yorkshire and the North Lincolnshire areas. Give us a call today