Home ownership is starting at a later age for Britons, as affordability and availability take their toll on the housing market.
Figures from the Office for National Statistics (ONS) have revealed that young adults must now wait until they are in their 30s before buying their own home, compared to their mid-20s two decades ago.
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Milestones on road to adulthood
According to the stats, more than half of the population will be 34 years old before becoming a homeowner. In 1997, that figure was 26 years old. In 2007, it was 28, demonstrating that the 2008 financial crash had its greatest effect on home ownership among the young
The study by the ONS looked at the milestones on the route to adulthood for Britain’s young people.
It revealed that in 2017, the first age at which more than 50 percent of young people had moved out of the family home was 23: in 1997, more than half of all 21-year-olds had already left home. The latest figure demonstrates that people are staying at home for longer, again an indication of high rents and tougher lending criteria when it comes to home buying.
In 1993, the average cost of a property was almost five times (4.9) the average household salary in households headed by a 16-24-year old. In 2016, it was 8.2 times the average household salary. Meanwhile, earnings have stagnated since the financial crash.
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No matter what age you are or where you are on the property ladder – about to step on to the first rung, moving up or getting ready to downsize – Homeward Legal is right by your side to offer the best and most cost-effective conveyancing services for your sale or purchase.
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