The bar chart shows how many people aged 25-34 either rent or have bought a house in the UK. Furthermore, it illustrates this change over an eleven-year period.
The number of home owners within this age range has decreased substantially since 2004. In 2004, nearly 60% owned their own home, whereas in 2014 this dropped to under 40%. There was a gradual decrease in home ownership over the eleven-year period which was more significant from 2009 to 2014. Only in 2011 and 2012 did the number remain stable at just over 40%.
The rental market, however, has increased dramatically over the same eleven-year period. From 2004 to 2014, the number of people renting has risen by nearly 30%. Again, this has been a gradual increase in most years, rising by just a few percent each year. In 2014, the rental market reached a peak at just under 50%.
In conclusion, therefore, it is easily apparent from this bar chart that for people between the ages of 25 and 34, the rental market is increasing each year, whereas the buyers’ market is decreasing.