First-time buyer numbers rise 14%: English Housing Survey

Essex Home Finance
The number of first-time buyers increased by 14 per cent from 727,000 in 2018/19 to 827,0000 in the year to April.
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The number of first-time buyers increased by  14 per cent from 727,000 in 2018/19 to 827,0000 in the year to April, the latest English Housing Survey has shown.

The annual research published by the Ministry of Housing, Communities and Local Government also shows that the average age of first-time buyers decreased slightly from 33 in 2018/19 to 32 in 2019/20, while in London it fell from 37 to 34, although the sample size was small.

But despite these small improvements, the overall levels of home ownership did not change year on year, remaining at 65 per cent of all households or 15.4m out of 23.8m.

However, home ownership has increased since 2016/17 when 63 per cent of households were owner occupiers.

Of all households, around 35 per cent own their homes outright, 30 per cent have a mortgage, just under 19 per cent rent privately and close to 17 per cent are in social rented homes.

Over the last decade, there was an increase in the share proportion of people aged 55-64 living in the private rented sector, from 7 per cent in 2009/10 to 10 per cent in 2019/20. 

Over the same period there was a decrease in the proportion of owner occupiers aged 55-64 from 78 per cent to 74 per cent.

The survey further found that over the past 10 years, the percentage of 35-44 year-olds in private rental accommodation has risen from 17 per cent to 27 per cent.

It also revealed that 36 per cent of private renters have children and the number of households in this position has risen by 547,000 in a decade.

Only 56 per cent of those aged 35-44 are owner occupiers – down from 67 per cent a decade earlier.

In 2003/2004, 21 per cent of those aged 25-34 lived in the private rented sector, but now it is more than 40 per cent.

Meanwhile, 59 per cent of private renters expect to buy at some point, but 38 per cent expect it will take them another five years or more.

Original Article from Mortgage Strategy 17/12/2020

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