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Difficulties for younger home-buyers 'shows need for thriving rental sector'

A trade group says diminishing rates of home ownership amongst younger people shows the need to have a thriving private rental sector. 

Data from the Institute for Fiscal Studies shows that just 27 per cent of 25 to 34 year olds with after-tax incomes between £22,200 and £30,000 owned their own home in 2015-16, when the assessment was undertaken.

This compares with 65 per cent in back in 1995-96.

The IFS report said that this meant the home-ownership rate amongst this group of middle-income young adults was now closer to those on low incomes than to those on high incomes.

“This huge increase in the number of young people unable to buy their own home means that more are renting and for longer periods. This shows the folly of government policy imposing higher taxes to deter investment in new homes to rent” according to David Smith, policy director for the Residential Landlords Association.

“The scale of the housing crisis demands a complete rethink from government with policies needed to support investment in homes to rent to meet the increasing demand.”

You can see the full IFS report here.

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