Home Ownership Transition Influences among British Young Adults

Oluwadamilola Aguda, Christian Leishman and Neil Dunse

ERES from European Real Estate Society (ERES)

Abstract: In the UK, recent changes in tenure trends indicate that young adults are most likely to be caught in the middle between the decision of owning or renting (privately or socially). As the private rented sector continues to grow, young adults are mostly now found in the sector while home ownership has been shifting to older age groups. In the past, the literature had largely focused on the econometrics context on one end and the critical context on the other. To prepare grounds for the introduction of the socio-psychological dimension to the econometric context, this paper aims to investigate the possible socio-psychological factors applicable from neighbourhood contexts. Cross-sectional principal component analysis has been carried out using British census and deprivation data to ascertain these factors as they associate with tenure shifts. Following this, a fixed-effects regression of neighbourhood features of young adults against their corresponding neighbourhood homeownership rates is carried out. The procedure is essential to ascertain which variables would be ideal at the neighbourhood level. Findings indicate that suggested socio-economic features and deprivation ranks at the neighbourhood levels are potential contributors to homeownership. These would therefore suit inclusion in an emerging research question that concerns why the tenure shifts have continued amongst young adults, despite the slow continued economic improvements. The suggestion is that interactions between economic and socio-psychological factors may be important in helping to explain tenure shifts.

Keywords: BHPS; Home Ownership; Housing; UK; Young Adults (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017-07-01
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