Estate agents Nicol & Co have called for political parties to legislate new policies to assist young adults in buying homes.

The Worcestershire-based company's managing director Matt Nicol issued this plea given the steep drop in homeownership among today's young adults, with well over half not being in ownership of their own home.

According to a recent English housing survey conducted by Dataloft Market Rental Analysis, just 41 per cent of current 18-24-year-olds own their own home, which is stark difference in comparison to over 60 per cent three decades back.

 

 

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Mr Nicol said: “Well under half of today’s young adults own their own home, which is very different to their parents’ generation. “With a general election on the horizon, all parties should be courting the young adult vote with policies to ease that first step on to the housing ladder. “The decline in home ownership in this age group between 1991 and 2012 accounts for the steep increase in the size of the private rented sector.”

He added: "It would also be a good idea for the manifestos of all parties to be suggesting policy changes that would satisfy this demand by encouraging more investors into the private rented sector.”

Nicol & Co's latest market study shows a 28 per cent sales drop across Worcestershire for the year ending July 31 2023 in comparison with the prior 12 months.

Despite that, land registry data showed that house price have grown.

Specifically, average transaction values have surged by five per cent to £318,465 in Malvern, up four per cent to £290,145 in Droitwich and rose five per cent to £255,810 in Worcester, which accounted for 44 per cent of sales.

Rent hasn't remained stagnant either; average rents for properties let in the past 12 months increased by six per cent to £848 according to Dataloft.

Nicol & Co is offering a free landlord’s seminar for potential investors in rental properties at 6.30pm on Wednesday, December 6 at the County Sports Ground in Worcester, with free but limited tickets available online.