Today the Government has published the latest English Housing Survey report. Perhaps one of the most striking findings in the report is that over the past five years there has been a considerable rise in the proportion of young people living in private rented accommodation.
The Survey, conducted by NatCen, reveals that the proportion of 25-34 year olds in private rented accommodation went up by 14 percentage points, from 31% to 45%, between 2008-09 and 2012-13. (Note. because it’s based on the Household Reference Person these numbers miss some young people, such as those who remain in their parents’ homes)
25-34 years olds in private rented accommodation in England
We know from some of our other research that part of this could be down to less desire among young people to own their own home. Our Generation Rent report, published earlier this year, showed people in their mid-twenties are significantly less likely to want to own a home than older generations.
However, homeownership remains the preference for most people and the Generation Rent report also showed young people are working harder than their parents did to save for a deposit and that many are significantly cutting back their spending in their efforts to buy their first home.
In addition, some research we carried out for Shelter estimated that parents are paying as much as £2 billion a year to help their children get on the property ladder.