Latest figures show that just 66% of homes are owner occupied, down from a peak of 71% nine years ago. This means one third of homes are rented from the council or housing association, or are privately rented. This is the largest percentage seen since 1988 when the push towards home ownership was at its peak. It's no surprise to hear that the major obstacle facing young people is trying to afford a mortgage, and data from the Department for Communities and Local Government shows just 10% of homeowners are less than 35 years of age.

Young people have been amongst the hardest hit during the economic downturn, and the market is also being hit by a shortage of homes, keeping house prices relatively high. In the 80s Thatcher's government made it one of their priorities to promote home ownership, giving tenants to right to buy council homes at below market value. Home ownership increased from less than 10 million in 1980 to 13 million in 1991, and these figures kept increasing until 2003.

Researchers regard this decline as being a gradual process. The same survey also showed that fewer people are living in housing association homes and council homes, but the percentage renting from private landlords and letting agents in Nottingham has increased substantially. The number of privately owned homes available for rent has increased by 50% since 2000, and last year the percentage of private rental homes nearly equalled state subsidised rental homes.

The government is continuing to look at ways of building more new homes, and recently the National Association of Estate Agents put forward the idea of transforming empty retail property into housing. Empty offices in the City of London are already being transformed into luxury housing, but these types of property are selling at a premium, and conversions in cheaper parts of the country may prove less than economical.