That’s according to research by the Resolution Foundation, which found that home ownership rates among this demographic have increased by three per cent since hitting their lowest level in 2016.
However, the organisation noted that home ownership rates among this age are still well below their historical peak. For instance, in the late 1980s, half of young people in this age group owned their properties. The percentage currently stands at 28 per cent.
For those who want to get on the housing ladder, the main barriers remain a shortage of suitable homes and high deposit requirements. Although house price rises have slowed, they are still creeping up and with rents also high, it’s a challenge for younger people to save a deposit while also meeting their other financial obligations.
The organisation also revealed that 34 per cent of young families in the 25 to 34 age bracket rent privately, compared to just nine per cent in the 1980s.
However, there has been some good news for those who are renting. Property Wire recently shared the findings of the Belvoir rental index report, which found that average rents around the UK fell by 1.25 per cent year-on-year in the third quarter of 2018.
The organisation also found that tenants are staying in properties for an average of 19 to 24 months. That’s up from the 13 to 18 month average tenancy recorded when the index was started in 2008.
If you’re looking for property to rent in Retford, get in touch with us today to see what we have available.