But just how grim is the picture? And is there hope on the horizon for those struggling to find a place they can truly call home?

 

According to statistics for the Breckland Council area, there are 60,358 households in total.

 

Of these, 2.0% are headed by individuals aged between 16 and 24, while 11.5% are headed by individuals aged between 25 and 34.

Looking specifically at the 16 to 24-year-old households in Breckland, they can be broken down as follows…

 

·        Owned Outright – 3.1%

·        Owned with a Mortgage – 20.0%

·        Social Housing – 27.2%

·        Private Rented – 49.7%

 

 

Next, the 25 to 34-year-old households in Breckland breakdown…

 

·        Owned Outright – 3.5%

·        Owned with a Mortgage – 40.4%

·        Social Housing – 18.9%

·        Private Rented – 37.2%

 

 

For a town like Attleborough and the local authority area, these numbers paint a rather bleak picture of property ownership among the younger generation.

But why is this happening? The answer is multifaceted. It’s not just about rising house prices (although they certainly play a role). Wages in Attleborough have not kept pace with inflation, and with lenders becoming more conservative, the amount of deposit required to secure a mortgage is higher than ever before (not because the % of deposit is higher, just the sheer pound note amount).

 

For young people who are already grappling with student debt and rising rental costs, saving for a deposit can seem like an insurmountable task.

 

Yet, while it might feel like homeownership for the under-34s in Attleborough is slipping further out of reach, it’s worth putting these figures into context. Homeownership isn’t something that young people have ever done en masse, at least not in the recent decades of the 2000s and 2010s.

 

While the baby boomer generation often bought homes in their early to mid-20s (in the 1970s and 1980s), the dynamics of homeownership have changed dramatically since then.

 

In the 1980s, when the housing market was more accessible, people were more likely to buy a home at a younger age. However, times have changed, and today's generation is navigating a very different set of economic and social circumstances. The cost of housing has skyrocketed, while wages have not kept pace. Furthermore, younger people today are often burdened with additional expenses that weren’t as prevalent a few decades ago, such as student loans and rising living costs. This combination makes it much harder to save for a deposit and secure a mortgage.

 

But while the statistics may seem gloomy, there’s a silver lining if we look beyond the current market and consider the long term. In countries like Germany, homeownership doesn’t typically happen until later in life. Germans tend to rent for longer, often well into their 30s and 40s, before purchasing a home. Yet, when they do finally buy, they have more financial stability, higher incomes, and can often make larger down payments. The result? Less debt and more security in the long run.

 

This delayed homeownership is becoming more common in the UK, and Attleborough is no exception. What we may be seeing is not a permanent decline in young homeowners but a shift in the timing of when people buy. Instead of purchasing homes in their 20s, more people are waiting until their mid 30s or even 40s, when they have a bit more financial stability.

One key factor that we cannot ignore is the £10.4bn of equity tied up in the homes of the 50 year plus older generation in Breckland.

Many of our older residents, who bought homes decades ago when property prices were more affordable, are now sitting on this substantial equity. As these homeowners begin to downsize or pass their properties onto their children, we may see a significant transfer of wealth to the younger generation. This could provide a lifeline for many would-be homeowners who are currently priced out of the market.

 

In Attleborough, where family connections are strong, and homeownership is often passed down through generations, this transfer of wealth is likely to have a profound impact on the housing market in the coming years. As baby boomers and older Gen X-ers look to pass on their properties, many younger people may find themselves with the financial means to finally purchase a home.

 

The future of homeownership in Attleborough isn’t all doom and gloom. Yes, the statistics show that fewer young people are owning homes, but this isn’t a permanent trend. The numbers may be low now, but there are several reasons to be optimistic about the future.

 

Firstly, as more young people start to prioritise saving and look for ways to get onto the property ladder, we could see an increase in homeownership rates among the under-34s. Previous schemes, such as Help to Buy and shared ownership can also provide much-needed assistance for first-time buyers in Attleborough.

 

Secondly, as the older generation begins to pass on their wealth and property, younger people will likely have more opportunities to purchase homes, either through inheritance or through financial gifts. This generational shift will undoubtedly play a significant role in the future of Attleborough’s property market.

While homeownership might not be happening as early as it did in previous decades, it is still very much attainable for those who are willing to plan and save strategically.

 

There’s no denying that the market is tough, but with the right guidance and support, many young people in Attleborough will find that they can, in fact, become homeowners.

 

The key is to be patient, stay informed, and seek out opportunities as they arise.

 

As we look towards the future, it’s clear that the property market in Attleborough is changing. Young people may not be buying homes as early as they did in the past, but that doesn’t mean they never will.

 

In fact, the next few decades could see a rise in homeownership as wealth transfers down through generations and more young people become financially stable.

 

In conclusion, the Attleborough property market may be challenging for those under 34, but it is far from hopeless. The combination of shifting generational wealth and changing attitudes towards homeownership means that while young people may be delayed in buying homes, they aren’t being locked out of the market entirely.

 

Attleborough’s future homeowners are out there – they’re just waiting a little longer to step onto the ladder. Share your thoughts with a comment.