Surge in young people aged 25-34 owning homes as ownership rates rise for first time in 30 years

The three per cent increase to 29 per cent was put down to good credit deals for those taking mortgages, including longer terms, figures show.

A slowing in house price growth from 9.4 per cent in 2014 to three per cent this year, and rising pay were also contributing factors.

The Resolution Foundation said it means an extra 190,000 young families own their homes.

However, the rate — which hit a rock bottom 25 per cent in 2016 — is far below the peak of the 1980s when half of those aged 25 to 34 were homeowners.

Daniel Tomlinson, from the think tank, said current conditions are helping youngsters buy homes.

But he warned: “The long-term drivers of low ownership rates — including low interest rates, and high house prices and deposit requirements — are here to stay.”

Fewer than a fifth of young families in London, Manchester, Liverpool, Brighton and Birmingham own their homes.

But almost half do in South Hampshire and central Bedfordshire, the report shows.

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