Total number of households living in privately rented accommodation stable at 4.5 million
The proportion of owner-occupiers aged 35 to 44 has increased for the first time in over a decade.
Published in the last English Housing Survey, the findings reveal 57% of 35 to 44-year olds owned their own home in 2017-18, up from 52% in the previous year, although it remains notably below the 71% recorded in 2007-08.
Across all age brackets, 64% of the 23.2 million households in England were owner-occupiers, a modest 1% higher than 2016-17, which the report suggests is “not statistically significant.”
However, it notes that the gap between outright owners and households buying with a mortgage has narrowed, with 34% owning their own home compared to 28% of mortgagors.
Further analysis of the figures from the survey shows the number of first-time buyers in England has increased by 17%, from 671,000 in 2016-17 to 785,000 in 2017-18, with the average age of a first-time buyer also increasing from 31 to 33.
The data also shows a significant increase in the proportion of 35 to 44-year olds living in the private rented sector, which has more than doubled from 13% in 2007-08 to 28% last year, whilst 44% of people aged 25 to 34 lived in rented accommodation in 2017-18.
Overall, the size of the private rented sector has remained stable, accounting for 19% of all households in England compared with 20% in 2016-17, representing a total of 4.5 million households.
Rental property supply likewise fell in 2018 by 10% according to Rightmove’s most recent Rental Trends Tracker Index.