Home ownership plummets

The number of 25 to 34-year-olds with a home of their own has fallen from two million to 1.3million in only a decade, the latest figures from the 2011 census show.

Levels of home ownership have slumped to just 64 per cent overall, its lowest since the mid-1980s when Margaret Thatcher declared that she wanted more people to be able to buy a house.

Only 40 per cent of young people owned their home in the 2011 survey of households compared with 58 per cent a decade earlier.

Two million young adults rented their property compared with 1.5million in 2001.

More than 8.3million of the overall population of England and Wales rent their homes - the highest number since 1961 as rising house prices outstrip incomes.

Those renting from private landlords or letting agents were up 1.7million to 3.6million compared with the 2001 census, while those in social housing fell by about 100,000 to 4.1million.

The Office for National Statistics said the new figures, the first to show how many in each age group are renters or homeowners, suggest a decline in the number of first time buyers.

The age group with the highest number of homeowners was the 65 to 74-year-olds, where 76 per cent have bought the house they live in.

Official figures last month showed the number of grown-up children living at home, who are also known as the ‘boomerang generation’, has jumped by 20 per cent since 1997.

The ONS estimates 1.8million men and 1.1million women between the age of 20 and 34 are living with their parents.