Number of young people buying new home plunges to record low

Figures reveal that just a fraction of the homes sold in June were to buyers aged between 18 and 30

The number of young people buying a new home has plunged to a record low of 3 per cent, new figures have revealed.

Figures compiled by estate agents revealed that just a fraction of the homes sold in June were to buyers aged between 18 and 30.

The figure marks a steep fall from last August when the age group made up 12% of homebuyers.

It comes despite government efforts to stimulate home buying, particularly among young people, through the help to buy scheme.

Mark Hayward, managing director of the National Association of Estate Agents, which produced the research published in the Daily Mail, said: ‘Things are getting even tougher for first time buyers.’

In contrast, 48 per cent of homes sold in June were bought by 31-40 year olds, 39 per cent by 41-55 year olds and 10 per cent by those aged over 56.

Tougher borrowing rules, introduced by the Financial Conduct Authority in April, have been blamed for making it tougher for young people to get on the property ladder, with tough questions about outgoing expenses and employment history deterring some buyers.

Paula Higgins, chief executive of the Home Owners Alliance campaign group, said: ‘The door is closed to a generation. Young people feel so disenchanted that they are living in their childhood bedrooms when they are 35.’

Under the help to buy scheme, buyers can access a mortgage with just a 5 per cent deposit, and the government lending up to 20 per cent of the cost of a new build home, or use government guarantees to help purchase any property worth up to £600,000.

The scheme has come in for criticism for driving up prices, particularly in London and the south east, by driving up demand without helping supply.

Discover more property articles at Homes and Property
Property search
Property search
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
iJobs Job Widget
iJobs General

Barnardo's: Corporate Audit and Inspection – Retail Intern (Leeds)

Unpaid - £4 lunch allowance plus travel to and from work: Barnardo's: Purpose ...

Recruitment Genius: Content Writer - Global Financial Services

£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Web Developer - PHP

£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Customer Service / Receptionist

£15000 - £24000 per annum: Recruitment Genius: This is an exciting opportunity...

Day In a Page

The Silk Roads that trace civilisation: Long before the West rose to power, Asian pathways were connecting peoples and places

The Silk Roads that trace civilisation

Long before the West rose to power, Asian pathways were connecting peoples and places
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled

The honours that shame Britain

Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled
When it comes to street harassment, we need to talk about race

'When it comes to street harassment, we need to talk about race'

Why are black men living the stereotypes and why are we letting them get away with it?
International Tap Festival: Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic

International Tap Festival comes to the UK

Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic
War with Isis: Is Turkey's buffer zone in Syria a matter of self-defence – or just anti-Kurd?

Turkey's buffer zone in Syria: self-defence – or just anti-Kurd?

Ankara accused of exacerbating racial division by allowing Turkmen minority to cross the border
Doris Lessing: Acclaimed novelist was kept under MI5 observation for 18 years, newly released papers show

'A subversive brothel keeper and Communist'

Acclaimed novelist Doris Lessing was kept under MI5 observation for 18 years, newly released papers show
Big Blue Live: BBC's Springwatch offshoot swaps back gardens for California's Monterey Bay

BBC heads to the Californian coast

The Big Blue Live crew is preparing for the first of three episodes on Sunday night, filming from boats, planes and an aquarium studio
Austin Bidwell: The Victorian fraudster who shook the Bank of England with the most daring forgery the world had known

Victorian fraudster who shook the Bank of England

Conman Austin Bidwell. was a heartless cad who carried out the most daring forgery the world had known
Car hacking scandal: Security designed to stop thieves hot-wiring almost every modern motor has been cracked

Car hacking scandal

Security designed to stop thieves hot-wiring almost every modern motor has been cracked
10 best placemats

Take your seat: 10 best placemats

Protect your table and dine in style with a bold new accessory
Ashes 2015: Alastair Cook not the only one to be caught in The Oval mindwarp

Cook not the only one to be caught in The Oval mindwarp

Aussie skipper Michael Clarke was lured into believing that what we witnessed at Edgbaston and Trent Bridge would continue in London, says Kevin Garside
Can Rafael Benitez get the best out of Gareth Bale at Real Madrid?

Can Benitez get the best out of Bale?

Back at the club he watched as a boy, the pressure is on Benitez to find a winning blend from Real's multiple talents. As La Liga begins, Pete Jenson asks if it will be enough to stop Barcelona
Athletics World Championships 2015: Beijing witnesses new stage in the Jessica Ennis-Hill and Katarina Johnson-Thompson heptathlon rivalry

Beijing witnesses new stage in the Jess and Kat rivalry

The last time the two British heptathletes competed, Ennis-Hill was on the way to Olympic gold and Johnson-Thompson was just a promising teenager. But a lot has happened in the following three years
Jeremy Corbyn: Joining a shrewd operator desperate for power as he visits the North East

Jeremy Corbyn interview: A shrewd operator desperate for power

His radical anti-austerity agenda has caught the imagination of the left and politically disaffected and set a staid Labour leadership election alight
Isis executes Palmyra antiquities chief: Defender of ancient city's past was killed for protecting its future

Isis executes Palmyra antiquities chief

Robert Fisk on the defender of the ancient city's past who was killed for protecting its future