It’s no secret that the younger generation in Thanet is finding it tough to get onto the property ladder. With the rising cost of living, stagnating wages, and stricter mortgage criteria, it's no surprise that fewer under-34s are becoming homeowners.

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?

Thanet's Housing Crisis: The Struggles of the Under-34s

According to statistics for the Thanet Council area, there are 62,199 households in total. Of these, 2.0% are headed by individuals aged between 16 and 24, while 11.3% are headed by individuals aged between 25 and 34.

Comparing with 2.6% of all UK households made up of people aged between 16 and 24 and 13.5% made up of people aged between 25 and 34, Thanet shows a lower-than-average homeownership rate among younger generations.

16 to 24-Year-Old Households in Thanet Breakdown:

• Owned Outright – 4.1%
• Owned with a Mortgage – 9.6%
• Social Housing – 17.5%
• Private Rented – 68.9%

25 to 34-Year-Old Households in Thanet Breakdown:

• Owned Outright – 3.8%
• Owned with a Mortgage – 28.6%
• Social Housing – 14.0%
• Private Rented – 53.6%

The Shifting Sands of Homeownership

Homeownership for the under-34s in Thanet might seem out of reach, but it’s important to recognise that homeownership has never been something young people have done en masse. In the 1980s, when the housing market was more accessible, the average age of first-time buyers was 26. Today, it’s 31 (34 in London).

While the baby boomer generation often bought homes in their early 20s, today's younger generation faces a very different set of economic and social circumstances. Rising house prices, student loans, and the cost of living have created significant barriers.

The Hidden £9.6 Billion Thanet Equity

One factor that cannot be ignored is the substantial £9.6bn of equity tied up in the homes of the 50-plus generation in Thanet. As these homeowners begin to downsize or pass their properties onto their children, we may see a transfer of wealth to the younger generation, offering a potential lifeline.

What Does This Mean for the Future of Thanet Homeownership?

The future of homeownership in Thanet isn’t all doom and gloom. While the statistics show fewer young homeowners now, we may be seeing a shift in the timing of home purchases. Young people may not buy in their 20s but could step onto the property ladder in their 30s or 40s.

If you have questions about the Thanet property market or want advice on navigating these challenges, reach out to us at Cooke & Co. We're here to help you understand the market and plan your next steps.

About Cooke & Co

Cooke & Co has been providing estate agency services in Thanet since 1992, covering Margate, Broadstairs, Ramsgate, and surrounding areas.

Contact us:

• Margate Office: (01843) 231833
• Ramsgate Office: (01843) 851322
• Broadstairs Office: (01843) 600911

Visit our website at www.cookeandco.com or email us at enquiry@cookeandco.com.