THE number of residents under 40 in ownership of a home in the north west has fallen by 62,380 since 2010, new figures have revealed.

Labour has released its analysis of the figures showing the number of 'home-owning' households headed by someone, aged below 40, has dropped from 395,497 in 2010 to 333,117 last year.

In England as a whole it was 2,652,975 in 2010 and 2,306, 660 in 2016 – a drop of 346,315.

John Healey, Labour's shadow secretary of state for housing, said: "Since 2010 Conservative ministers have failed on all fronts to help people with the housing pressures they face.

"While the number of younger people who own a first home is in freefall, the number of Government-backed affordable homes to buy has fallen by two-thirds since 2010 and badly targeted schemes like Help to Buy are not focused on those who most need a hand up.

"Help to Buy has helped almost 20,000 households, who are not even first-time buyers.

"Labour would change that and make helping first-time buyers on ordinary incomes the priority for Help to Buy.

"Labour's first housing priority in Government will be to give more young people on ordinary incomes the chance to own a home."

Warrington South MP David Mowat said Labour has 'zero credibility when it comes to home ownership'.

He added: "Not only have they opposed reforms to allow more young people to own their own homes but by planning to increase debt and increase taxes they will put that dream even further out of reach.

"Higher borrowing leads to higher interest rates, which means higher mortgage costs. It really is that simple."