Yorkshire Building Society Mortgages: Young can't afford new apartments

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Yorkshire Building Society Mortgages: Young can't afford new apartments

Mon 26th Jun 2006

Supply is outstripping demand for new build apartments in many inner-city areas, according to new research by Yorkshire Building Society Mortgages.

First time buyer between the ages of 16 to 21, are thought to be among those most likely to want to invest in new build apartments, but Yorkshire Building Society Mortgages says the majority are not in a position to do so.

After the age of 21 the priorities of first-time buyers were found to change as Yorkshire Building Society Mortgages reports over half of those over 21 would like to buy a property with period features.

Tanya Jackson, media relations manager at the Yorkshire Building Society, said: "The trendy new build flat in the city could become a thing of the past. The younger age group that aspire to live in this type of property is increasingly priced out of the market."

"The vast majority of older buyers would prefer to live further out in older properties with period features", she added.

Yorkshire Building Society offers a range of mortgage products including fixed rate and tracker mortgages.

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