Britons buy homes later, UCB Home Loans says

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Britons buy homes later, UCB Home Loans says

Most young people want to own their own home though many would prefer to buy property abroad, according to new research published by UCB Home Loans.

Around two-thirds of those between the ages of 16 and 21 believe that they will buy their first property when they are between 25 and 30 years old, the research shows.

Meanwhile, a third of those questioned say that they would rather buy property abroad than in the UK.

However, Keith Astill, managing director of UCB Home Loans, said: "Whilst 92 per cent of the young people interviewed want to own their own home when they are older, it is likely that some of them will never actually make it."

He added that the age at which Britons buy their first property has been creeping up in recent years and that many young people would not be able to afford a home when between 25 and 30 years of age. Statistics show that around 70 per cent of Britons currently own their own homes.

However, UCB Home Loans predicted that a "reasonable proportion" of the 32 per cent who wanted to live abroad would be able to fulfil their dreams.

UCB Home Loans is the specialist lender of Nationwide Building Society.

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