Scottish Widows: Graduates priced out of house market

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Scottish Widows: Graduates priced out of house market

Over half of graduates are unable to purchase their first home due to financial constraints claims the Scottish Widows Bank Graduate First-Time Buyer report.

A total of 53 per cent of graduates quizzed said they were not able to get a foot on the property ladder, while the research found that the average first-time buyer deposit for a graduate stood at £16,219.

The research also discovered that 64 per cent of graduate first-time buyers cite unaffordable housing as the greatest obstacle in the way of purchasing property.

Head of product development and marketing at Scottish Widows Murdo McHardy announced: "Our report has yet again revealed that graduates are not finding it easy to get on the property ladder with house prices continuing to rise and first-time buyers being unable to save for that deposit."

Mr McHardy went on to urge the government and lenders to develop tailored products and services which provide graduates with a helping hand onto the property ladder.

Worryingly, nearly one in ten graduates fear they will never be able to purchase a house and 46 per cent believe it will take between two and ten years before they will have the capital needed to buy their first property.

Scottish Widows Graduate Mortgage offers graduate first-time buyers the option of fixed, tracker or mixed rates as well as borrowing 102 per cent of the purchase price or property valuation.

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