Thursday 14 July 2011

Another Home-Owner-Ist Milestone!

From moneyextra.com: "According to the English Housing Survey, only 11 per cent of those who own a house are under the age of 35."

According to the ONS Population Pyramid, there are 12.7 million people in the UK aged 20 to 34, according to the English Housing Survey itself, there are 14.5 million owner-occupier households in England, which equates to about 17.3 for the whole of the UK.

17.3 million x 11 per cent = 1.9 million households, let's assume it's half single people and half couples who own jointly, so that's 2.9 million people, 2.9 million divided by 12.7 million = 0.23, i.e. only about 23% of under-35s own their own home, and as they probably have staggeringly large mortgages, in reality they own nothing at all. Nice to see all that wealth cascading up the generations!

4 comments:

Onus Probandy said...

EHS seem to have the distinct impression that they are saying, "only 11% of under 35s own homes". Which is manifestly not what they are saying.

12.7 million people in the UK are 20-34; out of 61 million; that's 20% of the population.

Of the population that owns houses, 11% of them are 20-34 years olds. To be honest that doesn't sound that bad (I'm assuming that EHS want as much ownership as possible). Surely we'd expect the house-ownership distribution to be light at the young end, since many will be finding a career, just have moved out of family home, not settled down yet.

Would we be surprised to find that 50-65 year olds own a higher percentage of houses than average?

Mark Wadsworth said...

OP: "To be honest that doesn't sound that bad"

It's absolutely appalling! In a normal world it would be at least half of them, not 23%, and I'm sure that this was true when houses were (intermittently) good value for money.

Steven_L said...

It's bollocks MW, 13.9 people seeking each room for rent here. 31 NIMBY 'conservation zones'.

I'm moving back into the hostel, minimising my rent and saving/buying stocks for a couple of years.

View from the Solent said...

Human nature in action http://www.theregister.co.uk/2011/07/15/online_map_deters_crime_reporting_says_survey/

And from the comments -
Which won't matter to the scum who've not been reporting crimes, flogged their house and gone to live somewhere less crime-ridden - except they will probably will find they've moved somewhere just as crime-ridden or worse, but they couldn't know in advance because other scum like them had been doing the same.