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.
Overall, it is easily apparent from this bar chart that for people between the ages of 25and 34, the rental market is increasing each year, whereas the buyers’ market is decreasing.
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 2011and 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%.