70.3% Of Hart’s Under 35s Own Their Own Home …
Young people have been locked out of homeownership. Deposits are impossible to save. Mortgage rules are too strict. And ‘Generation Rent’ is now permanent. According to the narrative by the newspapers, younger generation homeownership has collapsed.
So Much For ‘Generation Rent’
Since the mid 2000s, Britain has been told the same bad news housing stories. Young people have been locked out of homeownership. Deposits are impossible to save. Mortgage rules are too strict. And ‘Generation Rent’ is now permanent. According to the narrative by the newspapers, younger generation homeownership has collapsed.
Yet quietly, without much fanfare, the latest Census data paints a very different picture in the UK, and especially in Hart.
In 2011, 60.5% of Hart residents under the age of 35
owned their own home. By 2021, that figure had risen to 70.3%.
That is not a small increase. That is a profound social shift.
What makes this even more remarkable is the decade in which it happened. The period between 2011 and 2021 included austerity, Brexit uncertainty, tighter mortgage regulations, rapidly rising house prices in many parts of the country and, towards the end of the decade, a global pandemic.
And yet despite all of that, under 35 homeownerships in Hart still rose sharply. Indeed, of the district’s 37,655 residents aged 18 to 34 in 2021, more than 25,000 of them, 26,485 to be precise, were living in a home they owned.
At the same time, private renting in Hart
among under 35s fell from 25.2% to 19.1%.
Social renting in the area also dropped from 14.3% to 10.6%.
In simple terms, fewer younger people are renting, and more are owning.
That completely contradicts what many people believe has happened to Britain over the last decade.
Now, before anyone accuses me of pretending everything is rosy, that is clearly not the case. Affordability remains a challenge. Deposits are still difficult to save. Many younger buyers still rely on financial support from family members. And since 2022, higher mortgage rates have unquestionably made life harder again for first-time buyers.
But the Hart figures reveal something deeper about aspiration and human behaviour. Despite all the headlines about ‘Generation Rent’, younger people still overwhelmingly want to own homes.
Security matters. Stability matters. Putting down roots matters. People still aspire to have somewhere that belongs to them. Perhaps that should not surprise us. Throughout modern history, buying a first home has rarely been easy. Different generations simply faced different barriers.
For younger buyers today, the challenge is often deposits and affordability. For previous generations, it was double digit interest rates, unemployment or restricted lending.
People adapt.
Some buy later. Some buy smaller homes first. Some relocate to more affordable suburbs and towns. Some buy together as couples later in life rather than individually in their twenties. The route may have changed, but the destination has not.
Hart itself may also explain part of the story. Compared to many larger towns, suburbs and cities across the UK, the area has remained relatively affordable whilst still offering good schooling and increasingly desirable lifestyles for commuters or hybrid workers. Over the last decade, many younger buyers have prioritised value for money and quality of life over expensive city centre living. That trend accelerated sharply after Covid.
Historically low mortgage rates throughout much of the 2010s also undoubtedly helped many younger buyers enter the market, alongside government schemes such as Help to Buy and support from the so called “Bank of Mum and Dad”.
But regardless of the reasons behind it, the outcome remains the same. The idea that younger people have abandoned homeownership simply does not stand up to the evidence nationally and locally. In fact, the exact opposite appears to have happened.
And for local homeowners and landlords, that matters. Because it highlights something important about the future of the local property market. Demand from younger buyers has not disappeared. Far from it. There remains a strong aspiration towards ownership among under 35s, even after one of the most economically turbulent decades in modern British history.
Sometimes the real story is hidden quietly inside the data and statistics.
What are your thoughts on this? Do share them.