Report reveals more 25-34 year olds are now home owners rather than renters

The proportion of 25-34 year olds buying a home has risen above those renting for the first time since 2012, the English Housing Survey has revealed.

The Government data, based on the financial year 2018/2019, showed 41.2% of those aged 25-34 are home owners, up from 37.6% in 2017/2018, while 40.9% are private renters.

This is the first time the proportion of 25-34 year olds owning a home has been higher than those renting since 2011/2012.

In contrast, the proportion of 35-44 year olds who are homeowners fell from 56.5% to 54.6% between 2018 and 2019 and the share of those renting in this age group rose from 27.6% to 29.2%.

The data also showed 72.9% of 55-64 year olds are home owners, rising to 78.7% among those aged above 65.

Of the estimated 23.5m households in England, 15m, or 64%, were owner occupiers and 19%  or 4.6m were in the private rented sector.

The report also showed the average total floor area of a home in England is now 94m².

Homes in London had the smallest average floor area (84m²), attributed to the higher prevalence of flats, which make up 49% of the stock in London.

Properties in rural areas were larger on average (123m²) than those in city and urban areas (80m²) which the report said was due to the higher proportion of houses.

Homes in suburban areas were 91m² on average.

There was also a survey of tenants that showed 84% of private tenants were satisfied with their accommodation, up one percentage point from the year before.

The data also reveals that 73% of private renters were satisfied with the way their landlords carried out repairs and maintenance.

Commenting on the figures, Ben Beadle, chief executive of the National Residential Landlords Association, said: “It is good news that private renters are increasingly satisfied with their housing and is a testament to landlords and the improvements in standards that we have seen in the sector.

“Whilst challenges clearly remain, this dispels the myth perpetrated by some, that tenants are generally unhappy with their housing.”

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
Owner occupiers 56.5 55.2 51.5 46.6 43.1 42.8 39.5 35.8 36.7            38.2 37.3 37.6 41.2
Private renters 27.1 28.0 31.0 36.4 40.6 40.9 44.6 48.2 45.5            46.1 45.7 43.7 40.9
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