UK home ownership declining as young people grow poorer

London

RATES of home ownership in the UK are falling as young people grow comparatively poorer and find mortgages harder to obtain, according to a report due to be published on Wednesday.

Between 2002 and 2014, the share of young people who owned property fell by 20 per cent, far outstripping the overall 6.2 per cent drop in home-ownership rates, according to the Redfern Review. Fewer young adults are able to afford homes due to tighter mortgage constraints and a drop in relative incomes since the 2008 financial crisis, it said.