Since the mid 2000s, Britain has been told the same bad news housing stories. Young people have been locked out of homeownership. Deposits are impossible to save. Mortgage rules are too strict. And ‘Generation Rent’ is now permanent. According to the narrative by the newspapers, younger generation homeownership has collapsed. So do the 35% Of Lincoln’s Under 35s Own Their Own Home need to make us rethink ‘Generation Rent’
Yet quietly, without much fanfare, the latest Census data paints a very different picture in the UK, and especially in Lincoln.
In 2011, 25.8% of Lincoln residents under the age of 35 owned their own home. By 2021, that figure had risen to 35.0%.
That is not a small increase. That is a profound social shift.
What makes this even more remarkable is the decade in which it happened. The period between 2011 and 2021 included austerity, Brexit uncertainty, tighter mortgage regulations, rapidly rising house prices in many parts of the country and, towards the end of the decade, a global pandemic.
And yet despite all of that, under 35 homeownerships in Lincoln still rose sharply. Indeed, of the city’s 47,592 residents aged 18 to 34 in 2021, more than 16,000 of them, 16,641 to be precise, were living in a home they owned.
35% Of Lincoln’s Under 35s Own Their Own Home So Much For ‘Generation Rent’
At the same time, private renting in Lincoln among under 35s fell from 48.3% to 42.7%. Social renting in the area also dropped from 25.9% to 22.4%.
In simple terms, fewer younger people are renting, and more are owning.
That completely contradicts what many people believe has happened to Britain over the last decade.
Now, before anyone accuses me of pretending everything is rosy, that is clearly not the case. Affordability remains a challenge. Deposits are still difficult to save. Many younger buyers still rely on financial support from family members. And since 2022, higher mortgage rates have unquestionably made life harder again for first-time buyers.
But the Lincoln figures reveal something deeper about aspiration and human behaviour. Despite all the headlines about ‘Generation Rent’, younger people still overwhelmingly want to own homes.
Security matters. Stability matters. Putting down roots matters. People still aspire to have somewhere that belongs to them. Perhaps that should not surprise us. Throughout modern history, buying a first home has rarely been easy. Different generations simply faced different barriers.
For younger buyers today, the challenge is often deposits and affordability. For previous generations, it was double digit interest rates, unemployment or restricted lending.
People adapt.
Some buy later, or buy smaller homes first. Others relocate to more affordable suburbs and towns. While some buy together as couples later in life rather than individually in their twenties. The route may have changed, but the destination has not.
Lincoln itself may also explain part of the story. Compared to other larger towns, suburbs and cities across the UK, the area has remained relatively affordable whilst still offering good schooling and increasingly desirable lifestyles for commuters or hybrid workers. Over the last decade, many younger buyers have prioritised value for money and quality of life over expensive city centre living. That trend accelerated sharply after Covid.
Historical Support.
Historically low mortgage rates throughout much of the 2010s also undoubtedly helped many younger buyers enter the market, alongside government schemes such as Help to Buy and support from the so called “Bank of Mum and Dad”.
But regardless of the reasons behind it, the outcome remains the same. The idea that younger people have abandoned homeownership simply does not stand up to the evidence nationally and locally. In fact, the exact opposite appears to have happened.
And for local homeowners and landlords, that matters. Because it highlights something important about the future of the local property market. Demand from younger buyers has not disappeared. Far from it. There remains a strong aspiration towards ownership among under 35s, even after one of the most economically turbulent decades in modern British history.
Sometimes the real story is hidden quietly inside the data and statistics.
If you are thinking about selling and want an honest, evidence-based opinion on your Lincoln home’s actual market value, with no fluff, no pressure, and no nonsense, I would be delighted to help.
To ensure ALL our clients get the absolute best experience, and a total marketing strategy as unique as their homes, we only list twenty properties per month, our June & July market appraisal slots are now available to book (https://walters-property.com/property-valuation/), or call us on 01522 512 513 , we ensure that you are always a name and not just a number, with Walters.
