The chart illustrates how young people aged 23-34 are housed in the UK. How many percentages of them rent and how many of them own a house.
Overall, homeownership experienced a steady downward trend throughout the period, while the proportion of renters saw a substantial rise. Notably, while homeowners outnumbered tenants in the initial years, renters overtook them to become the majority by the end of the timeframe.
In 2004, homeownership was the dominant housing arrangement, accounting for roughly 59% of people in this age bracket, compared to nearly 20% for renters. Over the subsequent five years, the figure for homeowners declined moderately to approximately 52% in 2009, while the number of renters increased steadily to just over 30%.
Between the 2011-2012 the percentage of homeowners and renters stayed approximately the same, at nearly 42%. Finally, in 2013, the total amount of renters increased to approximately 45%, surpassing the percentage of homeowners at 40%. This trajectory continued into 2014, when the percentage of tenants peaked at around 48%, whereas the percentage of homeowners decreased to roughly 36%.
