Despite a sharp rise in house prices ownership of houses is increasing amoung Norwegian students between 19 and 29. Meanwhile, there are fewer young people in the same age with jobs, who do the same, shows a new housing survey.
Of students between 19 and 29 years, 17 percent said they own the house they live in, up from 12 percent the previous year. There are young people in Oslo and in northern Norway that are mostly homeowners, according to survey by TNS Gallup for Nordea. It further revealed that 46 percent of those in the same age at work, own the property they live in. A decline of 52 percent from 2015.
– It does not surprise me that fewer young people in the labor market own their own homes. It is interesting to note that the trend among those in education is going in the opposite direction. It may be because young people in work were less likely than students receive monetary assistance from parents to buy their own home, thinks Elin Reitan, consumer economist at Nordea.
House prices rose by 0.2 percent in July compared to June, according to house price statistics for real estate Norway. Adjusted for seasonal variations, prices rose by 1.0 percent from the previous month. House prices are now 8.8 per cent higher than 12 months ago. The sharp rise in house prices does not seem to scare the young home buyers.
– It is clear that young people are willing to stretch the economic elastic lengths to ensure they own homes, says Reitan.
Source: NTB scanpix / Norway Today