Number of homebuyers aged 18-35 drops 21pc as Millennials continue to be squeezed out of property market
The so-called silver economy appears to be the driving force behind growth in the UK housing market, with those aged 66 and over the only age group to see an increase in the number of property exchanges over the past quarter.
Although the period between April and June has seen 17,000 (6.2pc) fewer home moves overall, there were 1pc more homemovers aged 66 and over compared to the previous quarter, and 55pc more than during the same period last year.
By comparison, the number of homemovers in all other age brackets has fallen over the past three months, with those in the 18-25 and 26-35 age groups seeing the biggest drops.
Overall, the number of homebuyers aged 18-35 has fallen by 21.6pc over the past quarter, and 13.4pc year-on-year, according to a report by analysts TwentyCi.
"As the rise of the more affluent and older homeowner continues, we are seeing real evidence of the Millennial squeeze," said Colin Bradshaw, chief customer officer at TwentyCI.
The report also found that growth is being driven by the top end of the market, with an increase in buyers in higher income brackets. There has been a significant jump this quarter for sales of properties over £750,000, figures show.