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Millennial and Home-owning

Millenials and Homeowning

The infographic pits the pros and cons between owning your own home and renting one from a landlord. This data is concurrent to the status of house ownership, total residential property values, and other factors that exist in the UK, comparing the average price of one of these houses as of last year. We then took a look at the average prices of houses in the UK between 2008 – 2016 (As we could find solid backed up figures for this date range), followed by the current rate of home-ownership in the UK, mainly focusing on the dramatic 9.8% in UK home-ownership in 2006 when compared with 2008.

We also take a look at the percentage of homeowners per age group, comparing the percentage of each age range owning their own home in the years between 2008-09 & 2015-16. It is noticeable percentage of homeowners per age group dropped for 3 of 6 age groups, however, none of the drops noticed were as significant as the drop seen in the age group 16-24. With all this information, we decided to take a look at the reasons for this drop in home-ownership, with property prices rising, incomes remaining low, educational loans playing a factor and more. Finally, we took a look at how, although home-ownership is declining, mortgages taken out continually increase, with around 32,000 housing loans being approved for first-time buyers in 2016.

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